Christiana Riley will succeed Tim Wennes as CEO of Santander in the United States, announced the bank's executive chair, Ana Botin, as part of a broader global restructuring plan.
As a result of the restructuring, Santander will eliminate the three regional divisions created in 2019, opting to move forward with its strategic realignment, according to a source familiar with the matter.
In 2023, Santander, the largest lender in the euro zone by market value, introduced retail, consumer, payments, wealth, and corporate and investment banking units to simplify operations and enhance its value.
Ana Botin expressed confidence in Christiana, stating on Instagram, "Christiana will become CEO of Santander US and I am confident she is well-placed to lead the next phase of growth in this critical market."
The reshaping comes as Santander expands its presence in the U.S., focusing on technological advancements and evaluating its position in the UK through routine market assessments.
Santander aims to leverage its U.S. presence, particularly in auto lending, to establish a proprietary technology platform for consumer banking, including digital-only services, in efforts to broaden its retail offerings and enhance its digital banking capabilities.
Botin's strategic vision includes establishing a comprehensive digital bank in the U.S., an essential milestone given the performance of Santander's U.S. operations.
In addition to the changes in the U.S., a reorganization within the Santander group was revealed, with Andres Trautmann set to take over as country head and CEO of Banco Santander Chile, succeeding Roman Blanco.
Internally, Santander disclosed that the CEOs of key markets will now report directly to the group's CEO, Hector Grisi, signaling a broader leadership realignment within the organization.