Santander poaches UBS investment bank chief Andrea Orcel as new CEO

Reuters

Andrea Orcel

• UBS investment banking head Orcel appointed as new group CEO of Santander.
• Orcel, a nine-year veteran of Switzerland's largest bank, will join Santander from early 2019, Santander said in a statement.
• As a consequence of Orcel's departure, UBS has named Piero Novelli and Robert Karofsky as the new co-heads of the investment banking division.

Andrea Orcel, the head of investment banking at UBS has left the bank to become the new CEO of Spanish lender Santander, it was announced on Tuesday.

Orcel, a nine-year veteran of Switzerland's largest bank, will join Santander from early 2019, Santander said in a statement.

"Delighted that Andrea Orcel is joining us as Group CEO. As we continue to transform Santander his experience is invaluable. Welcome Andrea," Ana Botin, Santander's executive chairman said in a tweet shortly after the news was announced.

Orcel, who had headed UBS' investment bank from 2012 onwards, spent almost two decades with Merrill Lynch prior to joining the bank.

As a consequence of Orcel's departure, UBS has named Piero Novelli and Robert Karofsky as the new co-heads of the investment banking division, with the pair taking the reins from October 1.

"Rob and Piero are well placed to continue driving the success of the Investment Bank within our proven model. Both are veterans of the industry with significant experience and I am certain they will further advance our business," Sergio Ermotti, UBS' CEO said.