Sovereign Bank, a subsidiary of Banco Santander, has appointed Jorge Moran as new chief executive of the bank and country head of Santander businesses in the US.

Moran will succeed Gabriel Jaramillo, who will be joining the United Nations Office. During his 15 years with Santander, Jaramillo served as CEO in Brazil and in the US.

Jaramillo will continue as non-executive chairman of the board of directors of Sovereign and Santander Holdings USA.

Moran is currently a senior executive vice president of Banco Santander, head of its global insurance division and a member of the group’s management committee.

Moran joined the Santander Group in 2002 as head of asset management. During 2005 and 2006, he was chief operating officer of Abbey, Santander’s business in the UK, and from 2005 until 2008 a member of its board of directors.

Prior to joining Santander, Moran was CEO of Morgan Stanley for Spain and Portugal and a partner of AB Asesores, a brokerage and asset management company.

The bank said that the changes marks the completion of first phase of integration of Sovereign into Grupo Santander and to further strengthening Santander’s US businesses.