Santander Bank's Powerful Patriarch Botin Dies, Daughter To Succeed

Emilio Botin, one of Spain's most powerful men transformed Santander into Eurozone biggest bank

Emilio Botin, one of Spain's most powerful men who transformed Santander from a small domestic lender into the euro zone's biggest bank, has died of a heart attack, aged 79, AP reports.

Sources familiar with the matter said his eldest daughter Ana Botin, currently head of Santander's British business, was expected to be approved as the bank's new chairman at a board meeting later on Wednesday.

Such a move could spark controversy, with banking dynasties coming under criticism after a scandal at Portugal's Banco Espirito Santo, where the founding family's holdings are being investigated over financial irregularities.

"Succession shouldn't just be saying 'my daughter's going to take over'," said a corporate governance expert at a global asset manager which owns Santander shares, speaking on condition of anonymity.

But others said Ana Botin, who has spent most of the last 25 years at Santander, could provide welcome continuity.

"The key issue is whether or not family control is a good or a bad thing. Ultimately this depends on individuals and his (Botin's) daughter is a chip off the old block," said Philip Saunders, co-head of multi-asset at Investec Asset Management.