Statement from Sheila C. Bair on her appointment as an Independent Director to the Board of Grupo Santander, SA

“I am pleased to be appointed as an independent director to the board of Grupo Santander, SA., the Madrid-based Spanish bank which owns global banking operations. As an independent director my role will be to help identify risks and strengthen the group’s operations. I respect the way Santander successfully navigated through the financial crisis by sticking to a more traditional banking business model, as well as their ‘subsidiarization’ approach which heavily relies on local organization and strong, local management and governance. I have long advocated for ‘subsidiarization’ as a structure which makes global banks more resolvable. I hope that my service on the Santander board will provide yet another avenue for continuing my commitment to reforming the global financial system and contributing to a safer, more responsible, and customer oriented banking system.”