The Santander Group is a banking group centered on Banco Santander, S.A., the largest bank in the Eurozone and one of the largest banks in the world in terms of market capitalisation. According to Forbes Magazine Global 2000 It originated in Santander, Cantabria, Spain.
The 1999 merger of Banco Santander (founded in 1857) and Banco Central Hispano (founded in 1991) following the merger of Banco Central and Banco Hispanoamericano ), created Banco Santander Central Hispano, or BSCH.. This merger between Santander and Banco Central Hispano (BCH) was designed to be a "merger of equals" in which the top executives of the two pre-existing firms would share control of the merged entity. Soon after the merger former BCH executives accused Botin of trying to push his own agenda and threatened to take legal action against him. This post-merger squabbling was resolved when BCH executives Jose Amusategui and Angel Corcostegui agreed to accept severance payments, retire and relinquish control to Mr. Botin, at an expense to shareholders of €164M.
The large termination payouts generated negative press and Botin was eventually brought to trial on criminal charges of "misappropriation of... Read More