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Santander chief in line for £75m retirement scheme

THE boss of Spanish banking juggernaut Santander has clocked up a £75m pension pot, dwarfing the amount handed to Sir Fred Goodwin on leaving Royal Bank of Scotland.

Alfredo Saenz, a 68-year-old with a reputation for turning around failing lenders, is to be awarded an annual sum of around £5m plus one third of his average yearly bonus. The generous deal underlines the rude state of health enjoyed by Santander, which emerged from the financial crisis in better shape than most of its European counterparts.

The salary of the bank’s UK chief, Antonio Horta-Osorio, is tipped to reach £3.5m when accounts are filed with Companies House this week.

The pensions given to senior bankers have come under scrutiny since Goodwin was forced to hand back £200,000 of his pot last summer.