Banco Santander has appointed Peter Huber as its new global head of insurance, as part of a broader restructuring of its insurance business, media outlets have reported.
Huber, who has more than 20 years of industry experience, joins from insurtech firm Wefox, where he served as director of insurance. He will report to Javier Garcia Carranza, global head of wealth management and insurance, and will also take on the role of vice chairman on Santander’s board of directors.
His appointment comes amid Santander’s efforts to consolidate its insurance operations under a single global holding company, moving away from a geographically segmented structure.
The bank has also announced a division of its insurance business into two segments: Life and Pensions, and Protection Insurance. Jaime Rodriguez Andrade has been appointed CEO of the insurance holding company and will lead the Life Pensions unit, reporting directly to Huber.
The restructuring is part of a wider overhaul under CEO Héctor Grisi, aimed at simplifying Santander’s operations and driving profitability.
The bank has reorganised its business into five global areas: Retail & Commercial, Digital Consumer Bank, Payments, Corporate & Investment Banking, and Wealth Management & Insurance. Bringing the insurance business under the Wealth Management & Insurance division is a key part of this strategy, the media outlets reported.
Last week, Santander announced it would shut 95 of its 444 high street outlets by June, while reducing services or operating hours at more than 50 additional locations, The Guardian Reported.
The changes come as the bank adapts to shifting customer habits, with increasing numbers opting for digital banking. Since 2019, digital transactions have risen by 63%, while in-branch financial transactions have declined by 61%. The bank has also reported a 56% increase in mobile banking users.
“As customer behaviour changes, we are ensuring that our branches remain fit for the future,” a Santander UK spokesperson said. “Our new combination of full-service branches, alongside Work Cafés, counter-free branches and reduced-hours branches, aims to provide the right balance between digital banking and face-to-face money management and guidance.”
In addition to the closures, 18 branches will transition to "counter-free" facilities, while another 36 will operate on reduced hours. Santander stated in January that it had no plans for permanent closures this year, according to the report.
To support affected customers, the bank said it would introduce "community bankers" who will provide in-person assistance through weekly visits and participation in local banking hubs.
The restructuring will leave Santander with 349 branches in the UK, including 290 full-service outlets, 36 with reduced hours, and 18 counter-free locations. The bank is also expanding its “Work Café” concept, with five branches offering co-working spaces, high-speed WiFi, and event facilities.
