Spanish banking group Santander appoints new CEO Andrea Orcel in a hire from UBS investment bank.

Orcel’s new role will be effective from early 2019 following regulatory approval and will replace José Antonio Álvarez at Santander.

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Banco Santander executive chairman Ana Botín has previously worked with Orcel. Commenting on the appointment, Botín said: “Andrea Orcel’s international experience and strategic expertise further strengthen our existing team, helping ensure we continue delivering on our current strategy as we have for the past four years.”

Meanwhile, UBS has appointed two new heads of its investment bank: Piero Novelli and Robert Karofsky.

In the new role, Novelli will focus on Corporate Client Solutions (CCS). He currently serves as the executive chairman of CCS after first joining the bank in 2004 and returning in 2013 after stints as co-head of M&A at Nomura and head of European M&A at Merrill Lynch.

Karofsky, currently global head of equities, will now focus on Investor Client Services (ICS).

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Before joining UBS in 2014, Karofsky served as the global head of equity trading at AllianceBernstein. He also had stints at Morgan Stanley and Deutsche Bank.

Both Novelli and Karofsky will assume their new responsibilities next month and will sit on the group executive board.

UBS group CEO Sergio Ermotti: “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.”