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Santander’s shock announcement in September that Andrea Orcel would take over as chief executive in early 2019 certainly took the market by surprise.
Given his reputation as a financial institutions adviser, naming Orcel to lead any retail-focused bank would always have turned heads. It is especially so at Santander, given its size, tendency to promote insiders and how active it has been (often with Orcel alongside) as an acquirer of banks.
All sorts of theories have emerged about what Orcel’s arrival from UBS might entail.
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