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Emilio Botín, the patriarch of international banking group Santander, died suddenly on Tuesday night, prompting the immediate promotion of Ana Botín, his daughter, to the helm of the eurozone's largest bank.
His 53-year-old successor – long regarded as being groomed for the top job – had been running the UK operations of the Spanish bank. The UK business raced to appoint a temporary successor in the wake of her hasty promotion and immediate relocation to Spain.
After an emergency board meeting that elevated her to become one of world's most senior female bankers, Ana Botín said: "In these difficult times for me and my family, I appreciate the trust of the board of directors and I am fully committed to my new responsibilities."
She becomes the latest in a long line of Botíns to run the banking empire, which expanded rapidly under her father and has nearly 15,000 branches worldwide and more than 100m customers. He steered Santander to become one of the biggest lenders in the world and gave the bank its first foothold in the UK by taking over Abbey National a decade ago.
The elder Botín, who was 79, was one of the few bankers to retain his role after the banking crisis. He also played a key role in facilitating the takeover of Dutch bank ABN Amro, a deal that crippled the Royal Bank of Scotland and Fortis, the two other financial groups involved in the then record-breaking takeover.
Botín – who rubbed shoulders with politicians, business leaders and sportsmen and women around the world – steered Santander away from the need for government rescues in 2008, although the financial crisis eventually forced it to write off £40bn in bad loans and derailed a long-running ambition for a stock market listing of the UK business.
He was a well-known figure in political circles in Spain, where Mariano Rajoy, the prime minister, said the banker seemed fine and in good health when the two had a meeting last week.
His death was "a surprise and at the same time a big blow. He was a great ambassador for the Spanish brand", Rajoy told reporters, according to Reuters.
Only three years ago Botín and 11 relatives had been investigated about possible income and wealth tax evasion focusing on accounts the family held in Switzerland. However, the investigation was dropped after millions of euros were paid in back taxes. A former Spanish prime minister had in 2011 granted a pardon to then chief executive of Santander – Alfredo Saenz – over a criminal conviction.
Botín – who was close to the bosses of RBS before the UK bank's 2008 bailout – used takeovers and mergers to expand Santander rapidly from the early 1990s when it linked with local banks Banesto and then Banco Central Hispano, expanding into Latin America and the UK.
Until the takeover of Abbey National in 2004, Botín was on the board of RBS and Sir George Mathewson, then chairman of the Scottish bank, had a seat on the Santander board.
The Botín family has run the bank since 1909, when Emilio's grandfather took the helm, followed by his father. Emilio was appointed chief executive 37 years ago.
Such boardroom structures would be frowned upon in the City, especially as the family owns only 2% of the shares, and the bank was quick to outline Ana Botín's credentials after her appointment. The bank's appointments and remuneration committee said she was "the most appropriate person, given her personal and professional qualities, experience, track record in the group and her unanimous recognition both in Spain and internationally".
Ana Botín – who Chancellor George Osborne yesterday said had "provided strong and stable leadership" for her work in the UK – was parachuted into the London operations after Antonio Horta-Osorio quit to run the bailed-out Lloyds Banking Group in 2010. The Lloyds boss yesterday described the late Botin as "a great mentor to me during my time with Santander".
Emilio was also a Formula One enthusiast and Santander has backed the McLaren team for seven years. Ron Dennis, chairman of McLaren, described him as a "consummate businessman". Dennis added that he was "passionate and charming … firm but always fair. I feel privileged to have known him, and proud to be able to call him a friend."
In London, Ana Botín had recently hired Nathan Bostock, a senior banker at RBS, to join Santander in the UK and, despite joining only last month, he will run the bank during the search for a successor. There is speculation that the UK chairman Lord Burns, who intends to retire at the end of the year, may now delay his departure.
Shares in Santander initially fell almost 2% but recovered some of their losses to end at €7.70.
The wording of this article has been changed to better reflect the nature of Ana Botín's succession.
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