On November 25, 2008, Santander Bancorp appointed Ms. MarÃa Calero as senior executive vice president and chief compliance officer of the company and its subsidiaries, effective immediately. Ms. Calero, who had served as the company’s executive vice president and chief accounting officer since January 2001, will continue to report to the chief executive office of the company and will maintain her current compensation in her new position.
Ms. Calero is a director of the company and its affiliates, Banco Santander Puerto Rico, Santander Financial Services, Island Insurance Corporation, Santander International Bank, Santander Overseas Bank, BST International Bank and Crefisa. The board of directors of the company appointed Mr. Roberto Jara as executive vice president and chief accounting officer of the company and its subsidiaries.
Mr. Jara’s appointment is subject to the approval of his non-immigrant visa petition. The company expects Mr. Jara’s visa will be approved within 30 days. Since 2004, Mr. Jara has served as director of intervention and internal control for Banco Santander Chile. As director of intervention and internal control, Mr. Jara was principally responsible for ensuring the accuracy of the information submitted to the U.S. Securities and Exchange Commission, managing and implementing new projects, acting as representative before the regulatory agencies, and implementing, developing and certifying Sarbarnes-Oxley compliance programs, all with respect to Banco Santander Chile. Mr. Jara’s appointment is for an initial term of three-years, subject to early termination upon three-months’ prior notice to Mr. Jara.
On November 25, 2008, the board of directors appointed Ms. MarÃa L. GarcÃa, age 49, to act as interim chief accounting officer of the company and its subsidiaries effective immediately, while Mr. Jara awaits receipt of his visa. Ms. GarcÃa will assume the duties of chief accounting officer in addition to her current duties as senior vice president and comptroller of the company. Ms. GarcÃa has served as the senior vice president and comptroller since August 2007.-SEC Form 8k
