Santander Group

The Santander Group (English pronunciation: /ˌsɑntɑnˈdɛər grʊp/) is a Spanish banking group centered on Banco Santander, S.A. (Spanish: [ˈbaŋko santanˈder]) and one of the largest banks in the world in terms of market capitalisation. According to Forbes Magazine Global 2011, it was the 13th largest company in the world. 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 [est. 1919] and Banco Hispanoamericano [est. 1900], 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 chairman of Banco Santander Emilio Botín 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 Amusátegui and Angel Corcóstegui agreed to accept severance payments, retire and relinquish control to Mr. Botín, at an expense to shareholders of...
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