Profit & Loss understands from market sources that Andrew Brown, formerly global head of FX at HSBC and BBVA, is to join Santander in the same role.
Santander has not responded to requests for comment, but the hire is being seen in some quarters as a statement of intent by the bank as it seeks to boost the effectiveness and profile of its FX business. Brown headed Spanish rival BBVA’s FX business for six years and sources familiar with events there say he oversaw an outperformance by the bank’s FX business which generated more than EUR 1 billion in incremental income.
Brown joined BBVA after an equally successful nine-year spell at HSBC in London and Hong Kong – ending up as global head of foreign exchange. In the year he left HSBC the bank reported a 78% increase in foreign exchange revenues. Prior to HSBC Brown also worked at Goldman Sachs and Citibank.
Brown left BBVA at the end of 2016 as part of a planned shift of the FX business back to the bank’s Madrid headquarters. At Santander sources say he will be based in London.
Brown steps into a role vacated by Gian Luca Fetta, who, sources familiar with the matter say, stepped down earlier this year after two years in the role.