Santander merges commercial divisions in the US and appoints Michael Lee as head of commercial banking.

19 October 2023 at 10:03 a.m. Eastern Time Santander Bank, N.A. ("Santander" or the "Bank") merged its commercial and industrial and commercial real estate and vehicle finance businesses into one commercial bank in the United States under the leadership of Michael Lee. Mike joined Santander in 2009 and most recently served as Managing Director and Head of Commercial Real Estate and Vehicle Finance. He will continue to report to Tim Vennes, Santander US Head and Country Manager and President and CEO of Santander Bank.

In his expanded role as senior executive vice president and managing director of commercial''Banking Mike will oversee and provide strategic direction for the bank's commercial real estate construction business, community development finance and investment, commercial equipment and vehicle finance, international banking, middle-market and corporate banking, multifamily term loans, nonprofit and government banking, and treasury and deposit banking.

The new combined, customer-focused organization is a natural extension of Santander US' broader strategy to simplify its structure and processes, transform the way it serves customers and deliver sustainable profitable growth.

"Mike''has spent more than 40 years in banking, including senior positions at Santander and its predecessors. He is well versed in the intricacies of our business, and along with his long history in banking, he has extensive customer experience. His deep expertise in leveraging our global capabilities and local teams to achieve growth in all areas of commercial banking will enable him to lead our new integrated team well," said Tim Vennes, Santander US head and country head and president and CEO of Santander Bank.

"Santander's long-term perspective on commercial banking and alignment with our strategy for the US business will be very valuable as we continue to modernize and''to transform our business to provide the best comprehensive banking solutions and experience for our clients,' continued Vennes.

Mike has spent the majority of his more than four decades in the financial industry in credit and risk and has held various leadership positions at Bank Boston, Fleet and Sovereign Bank. Mike is an active supporter of his local community and has served on many civic and community boards. He is currently a member of the Massachusetts Business Roundtable, the Providence Chamber of Commerce, the Rhode Island Bankers Association, and the La Salle Academy Foundation Trustee.

Mike earned his Bachelor's degree in Accounting and Master's degree from Providence College and continues to be an active member of the President's Council''Providence College.

O Santander Bank, N.A.

Santander Bank, N.A. is one of the nation's largest retail and commercial banks with $99 billion in assets. With a corporate office in Boston, more than 9,000 employees and more than 2 million customers, the bank is predominantly located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The bank is a wholly owned subsidiary of Banco Santander, S.A. (NYSE: SAN), one of the most respected banking groups in the world, serving 164 million customers in the United States, Europe and Latin America. It is controlled by Santander Holdings USA, Inc. an intermediate holding company of Banco Santander in the United States. For more''For more information about Santander Bank, visit www.santanderbank.com.

Source: https://www.businesswire.com/news/home/20231019943884/en/