Garcia appointed Chief of Staff for Sovereign Bank.

Sovereign Bank, a wholly owned subsidiary of Banco Santander, has named Carlos Garcia to the position of Chief of Staff reporting directly to Jorge Moran, President and CEO of Sovereign Bank and Country Head of Santander businesses in the United States. Garcia will also hold the position of Chief Corporate Affairs and Communications Officer at Sovereign Bank.

Most recently, Garcia was appointed by the Governor of Puerto Rico as Chairman of the Board, President and CEO of the Government Development Bank for Puerto Rico, the fiscal agent, financial advisor, capital markets coordinator and bank of the Government of Puerto Rico. Mr. Garcia also presided over the fiscal restructuring and stabilization board created by law to safeguard Puerto Rico’s credit rating and achieve fiscal balance. During his public service tenure, the Government of Puerto Rico improved its credit ratings and coordinated with federal regulators the implementation of a financial rescue plan for its banking system.

“Carlos Garcia’s experience in both the private and public sector will serve as an asset to the bank. Garcia will play a critical role as we continue to strategically position and expand Sovereign Bank in the Northeastern United States,” according to Jorge Moran.