2023-09-20 17:55:27
Banco Santander has made the decision to bring together its entire insurance business worldwide within Santander Insurance Holding, within the framework of its purpose of structuring its activities globally instead of by geography, as it did until now.
With this regrouping, the entity chaired by Ana Botín wants to enhance its insurance activity, simplify the structure, and improve the offer and quality of service to clients.
Francisco del Cura, until now global head of Insurance at Banco Santander, will be the president of Santander Insurance Holding, while the CEO will be Armando Baquero. Both will report directly to Víctor Matarranz, head of the global Wealth Management & Insurance area.
Santander Bank It is estimated that the integration of all businesses, subsidiaries and interests under the umbrella of Santander Insurance Holding will be completed in the last quarter of this year.
In the opinion of Víctor Matarranz, “The new structure will allow us to improve the offer and quality of service for clients, it will organize the structures of insurance companies and improve their management and supervision.”
Francisco del Cura has 18 years of experience at Banco Santander, having held various positions as a manager within the insurance business. His responsibility will cover the board of directors, the relationship with the insurance partners, and the dialogue with the supervisory bodies, as well as with the representative bodies of the insurance industry.
For his part, Armando Baquero rejoins Banco Santander after just over three years outside the Group, having founded the ‘insurtech’ Asistensi, a firm based in Madrid, but with business in Latin America. Before undertaking this business development, Baquero was Chief Financial and Strategy Officer of Wealth Management & Insurance. Likewise, the manager will replace Del Cura as global head of Insurance at Banco Santander.
The entity chaired by Ana Botín carries out its insurance business through its own companies and specific distribution agreements, as well as through various alliances with insurance partners, which in Spain and Portugal are established with Mapfre and Aegon; in Latin America with Zurich and HDI Global; in Poland with Allianz and, for Santander Consumer’s global business, with CNP Assurance.
The restructuring of the insurance business is a notable milestone within the reorganization of Santander Bank towards an operating model organized in global businesses and not in geographies.
The entity reported this week that it has decided to simplify the structure of its retail, commercial and consumer banking businesses, to divide the entire business into five areas at a global level.
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