- Grisi, 55, to take over in January 2023
- Has 35 years’ expertise in retail funding banking
- Is calm individual and likes to be surrounded by good groups
- Shares rise 2% as market expects continuity in technique
MADRID, June 17 (Reuters) – A former funding banker and passionate jogger, Santander’s (SAN.MC) newly-appointed CEO Hector Grisi is aware of how you can deliver groups collectively and inspire employees whilst he stands up for his views, executives who’ve both labored with him or recognized him for years say.
Credited with making Santander’s U.S. enterprise its most worthwhile of the group final 12 months, Grisi, 55, will take the helm from Jan. 1 subsequent 12 months, changing Jose Antonio Alvarez who has been within the position since 2015. learn extra
“Whenever you discuss to him it looks like he has on a regular basis on this planet, that you’re an important individual,” Angel Gurria, a Mexican economist and former Organisation for Financial Co-operation and Growth (OECD) secretary-general who has recognized Grisi for greater than 25 years, advised Reuters.
“No matter whether or not the problems are delicate or not essential, he’s an individual who handles any points calmly.”
Grisi, whose skilled profession spans 35 years each in funding and retail banking – which makes up most of Santander’s enterprise – was educated in Mexico and Canada.
His appointment follows a failed try greater than three years in the past to nominate Italian banker Andrea Orcel as CEO at Santander which led to a authorized battle when the Italian banker filed a civil lawsuit in opposition to Spain’s greatest financial institution. The previous UBS group banker now heads Italy’s second greatest financial institution UniCredit (CRDI.MI). learn extra
It additionally comes as Santander is wanting search for development alternatives in Mexico such because the potential acquisition of Citigroup’s (C.N) retail operation although the lender has made clear that each one its selections can be pushed by a disciplined method. learn extra
NO STRATEGY SHIFT EXPECTED
Earlier than becoming a member of Santander as CEO in Mexico in 2015, the Mexican banker spent 18 years at Credit score Suisse (CSGN.S), the place he held a spread of senior positions, together with head of funding banking for Mexico, Central America, and the Caribbean, then president and CEO of Credit score Suisse’s Mexican unit.
He has additionally been chargeable for Santander’s North American enterprise since 2019.
The Mexican enterprise delivered an adjusted return on tangible fairness of 31% within the 12 months to March 31, rising the variety of lively prospects by practically 50% to shut to 10 million and doubling the variety of loyal prospects.
He additionally established a number one market place in small and medium enterprises (SMEs), mid-market companies, mortgages and undertaking finance.
Neither senior executives at Santander nor analysts count on a significant shift within the technique of the euro zone second-biggest lender when it comes to market worth.
His appointment was effectively obtained by the market, with shares rising 2.2% by 1512 GMT.
Spanish dealer Sabadell described the transfer as a transition of an individual with data of the entity and subsequently a continuation of the enterprise mannequin.
“This might keep away from a extra disruptive succession, corresponding to Orcel’s proposal on the time,” Sabadell stated.
Throughout a name with analysts, the outgoing CEO Alvarez stated of Grisi that he was an “excellent skilled, a fantastic man and funnier than me”.
Reporting by Jesús Aguado; modifying by Emelia Sithole-Matarise