) --

Sovereign Bank

on Tuesday announced that the executive committee of its parent company

Banco Santander SA


had agreed to propose Jorge Morán be named the Sovereign's replacement for outgoing president and CEO Gabriel Jaramillo.

Morán currently heads Banco Santander's Global Insurance Division and is a member of the group's management committee. He previously served as the CEO for

Morgan Stanley's

(MS) - Get Report

business in Spain and Portugal. He will be based in Boston.

Jaramillo will continue as non-executive chairman of Sovereign Bank, and will be joining the United Nations Office of the Special Envoy for Malaria.

Sovereign Bank had $72 billion in total assets as of September 30, with over 700 branches in the Northeast. The bank earned $178.5 million during the third quarter, for a return on average assets of 1.01%, according to SNL Financial.


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Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.