Emilio Botín (1934-2014) was a Spanish businessman who was the president of Banco Santander. He was born into a family of bankers and was able to turn a small regional bank into the largest bank in Spain. During his tenure as president of Banco Santander, he demonstrated a broad vision for business, as well as an ability to anticipate future trends and an aggressive approach to business.
Botín’s early years and first steps in Banco Santander
Born in 1934 in the city of Santander, Emilio Botín graduated in Law and Economics from the University of Deusto. On the day of his birth, his father was appointed as the director of Banco Santander. During his tenure as director, his father was able to make the financial institution the most important in Cantabria, but was not able to make it the largest bank in Spain.
In 1958, Emilio Botín began working at Banco Santander, where he developed professionally in the central services. Two years later, he occupied the position of counselor and in 1964 became the general director. He also became a member of the executive committee.
His rise in the company was fast, taking on roles of increasing responsibility. In 1977, he became CEO and vice-president. His meteoric rise culminated in 1986, when he became president of the financial institution.
When he took over Banco Santander, Emilio Botín found that it was the smallest of the seven major Spanish financial institutions. However, Botín wanted to make Santander the most important bank in Spain.
Internationalization
Two years after Emilio Botín became president of Banco Santander, the merger between banks Bilbao and Vizcaya took place. Other major competitors in the Spanish banking sector were Banco Central, Banesto, and Banco Hispano Americano.
However, in 1988, Emilio Botín made a valuable move by forming an alliance with the Royal Bank of Scotland. Although it was a medium-sized bank in the United Kingdom, it later became the fifth largest bank in the world by market value. This alliance allowed Santander to gain an international profile.
Botín, who was more inclined towards acquisitions than mergers, purchased the German bank Bankhaus Centrale Credit in 1987. As part of his expansion strategy, he also acquired banks in Latin America, such as Banco Santiago in Chile, and Banco Real in Brazil.
During his tenure as president of Banco Santander, Emilio Botín was able to increase the bank’s assets, profits, and number of customers. His vision and leadership played a key role in making Banco Santander one of the largest and most successful banks in the world. He passed away in Madrid in 2014.
