The chairman of Spain’s Santander, the financial services giant that covers services including wealth management, has died.

The chairman of Spain’s Santander, the financial services giant that covers services including wealth management, has died. Media reports said the 79-year-old had died of a heart attack.

“Banco Santander regrets to announce that its chairman, Emilio Botín, has passed away. In accordance with the procedures set out in article 24 of the board rules, the appointments and remuneration committee and the board of directors will meet today to appoint a new chairman of the bank,” a statement from the bank said.

His eldest daughter Ana Botin, currently head of Santander's UK business, was expected to be approved as the bank's new chairman at a board meeting later today, according to Reuters, quoting unnamed sources.

The bank told WealthBriefing that a fuller statement on developments is likely to be issued in due course, but declined to comment further.

Santander’s UK arm is preparing to be listed separately in the UK; that business is also seeking a new chairman.

"He was a man who has been able to make Banco Santander the most important bank of our country," Spanish Prime Minister Mariano Rajoy was quoted as saying, according to Reuters.