Why Banco Santander (SAN) Stock Is Down Today

NEW YORK (TheStreet) -- Shares of Banco Santander (SAN) are down 0.50% to $9.90 in pre-market trade after it was reported that Emilio Botin, chairman of the Spanish banking giant, died of a heart attack, the Telegraph reports.

Botin, who was one of Spain's most powerful men and oversaw the transformation of Santander from a small regional lender into the eurozone's biggest retail bank, the Telegraph said. He was 79 years old.

The bank is due to hold a meeting of its appointments and remuneration committee on Wednesday to nominate his successor.

  

SAN Chart SAN data by YCharts

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE

More from Markets

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers