Santander Bank Unifies U.S. Commercial Businesses, Names Michael Lee Head of Commercial Banking

Rhea-AI Summary

Santander Bank unifies its commercial and industrial business with its commercial real estate and vehicle financing business into one Commercial Bank in the United States.

Positive

• Santander Bank aims to simplify its structure and processes to deliver sustained, profitable growth.
• The new combined organization will provide holistic banking solutions and experience for clients.
• Michael Lee, with over 40 years of banking experience, will lead the newly integrated team.

Negative

• None.

BOSTON--(BUSINESS WIRE)-- Santander Bank, N.A. (“Santander” or “the Bank”) recently unified its commercial & industrial business and its commercial real estate & vehicle financing business 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 & Vehicle Finance. He will continue to report to Tim Wennes, Santander US CEO and Country Head, and Santander Bank President and CEO.

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 investments, commercial equipment and vehicle finance, international banking, middle market & corporate banking, multifamily term lending, not-for-profit and government banking, and treasury and deposit banking.

The new combined, client-centric organization is a natural extension of the broader Santander US strategy to simplify its structure and processes, transform the way it serves clients and deliver sustained, profitable growth.

“Mike has spent more than 40 years in banking, which includes leadership roles with Santander and its predecessor companies. He knows the ins and outs of our businesses, and in addition to his long history at the Bank, he brings strong industry and client-focused experience. His deep expertise in leveraging our global capabilities and local coverage teams to deliver growth across all lines of commercial banking will position him well to lead our newly integrated team,” said Tim Wennes, Santander US CEO and Country Head, and Santander Bank President and CEO.

“Santander’s long-term vision for the Commercial Bank and alignment to our strategy for the U.S. business will be extremely valuable as we continue to modernize and transform to provide the best holistic banking solutions and experience for our clients,” Wennes continued.

Mike has spent the majority of his more than four-decade tenure within financial services in lending and risk roles and has held various executive positions with Bank Boston, Fleet and Sovereign Bank. Mike is an active supporter of his local community and has served on numerous civic and community boards. He is currently a member of the Massachusetts Business Roundtable, Providence Chamber of Commerce, Rhode Island Bankers Association, and a trustee of La Salle Academy.

Mike earned his bachelor’s degree in accounting and master’s from Providence College and remains an active member of the Providence College President’s Council. He is based in Santander’s office in Providence, Rhode Island.

About Santander Bank, N.A.

Santander Bank, N.A. is one of the country’s largest retail and commercial banks with $99 billion in assets. With its corporate offices in Boston, the Bank’s nearly 9,000 employees and more than 2 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) – one of the most respected banking groups in the world with 164 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231019943884/en/

Media:

Rich Tornambe

richard.tornambe@santander.us

Source: Santander Bank, N.A.

FAQ

Who is leading the newly combined Commercial Bank?

Michael Lee is leading the newly combined Commercial Bank.

What is Santander Bank's strategy for the US business?

Santander Bank aims to simplify its structure and processes to deliver sustained, profitable growth.

What areas will Mike oversee in his expanded role?

Mike will oversee commercial real estate construction, community development finance, commercial equipment and vehicle finance, international banking, middle market and corporate banking, and more.

What is the long-term vision for the Commercial Bank?

The long-term vision is to provide holistic banking solutions and experience for clients.

Where is Mike based?

Mike is based in Santander's office in Providence, Rhode Island.