Santander Bancorp

Mr. Moreno has a Business Administration degree from the University of Houston. He has been with Santander since 1997, where he has held different positions while making important contributions to areas such as commercial banking, marketing and strategic planning, among others. Before his appointment, Mr. Moreno was Director of Business Development for Santander America's Division, where he was responsible for the development of new products and for the Wholesale and Institutional Banking Division.

Frank Serra . Mr. Serra was appointed President and Chief Executive Officer of Santander Asset Management Corporation (“Santander Asset Management") in January, 2009, and Senior Vice President of the Trust Division of the Bank in October 2008. Prior to such appointment, Mr. Serra served as Vice President, Administration and Operations Director of Santander Asset Management from 2003 to 2005, and as Senior Vice President and Chief Operating Officer from 2005 to 2008. Prior to joining Santander Asset Management, Mr. Serra held various positions with Banco Popular de Puerto Rico, including Assistant Vice President and Assistant Manager in the Trust Department for the Mutual Fund Products. Mr. Serra holds a Bachelor’s Degree in Business Administration with a major in Accounting from the University of Puerto Rico.

Roberto Jara. Mr. Jara was appointed Executive Vice President & Chief Accounting Officer of the Bank and the Corporation in November 2008, subject to the approval of his non-immigrant visa petition. Mr. Jara’s visa was approved with valid date as of December 1, 2008. Prior to his appointment with the Bank and the Corporation, Mr. Jara served as Accounting Director of Banco Santander Chile from 1989 to 2008. Mr. Jara holds a Bachelor’s Degree in Accounting with a major in Auditing from the University of Instituto Profesional - Chileans Association of Accountants. Also he has a degree on Tax Management from Adolfo Ibañez University - Business School and graduated from Business Studies at the Universidad de Los Andes, Chile.

Tomás E. Torres. Executive Vice President of the Corporation since September 2006. Mr. Torres served as Chief Market and Credit Risk Officer of the Bank from December 2006 up to December 2008. He also serves as director of Santander Overseas Bank, Inc., and Crefisa, Inc. since September 2006. Prior to his employment with the Corporation, Mr. Torres served as Senior Executive Vice President of Doral Bank Puerto Rico, from 2002 to 2006. From 1994 to 2002, Mr. Torres served in the Bank, in various positions, including First Senior Vice President and Director of the Credit Administration Department of the Bank. Mr. Torres holds a Bachelor’s Degree in Business Administration from Inter American University of Puerto Rico. Mr. Torres has 22 years of experience in the banking industry.

Mr. Alvarez was named Executive Vice President in August 2006. Mr. Alvarez joined the Corporation as First Senior Vice President and Director of Operations and Information Technology in 2004. Since 1979, Mr. Alvarez has held various responsibilities within BSSA and its subsidiaries such as Director of Operations for the America Division in Madrid, Spain, Project Coordinator for the implementation of the Euro, and International Coordinator of Management Information Technology for Latin-American branches. In the past, he also held positions as Systems Director of Banco Santander in New York, and International Branches Coordinator for the implementation of the information and software systems for the New York, Hong Kong, and Frankfurt branches of Banco Santander. Prior to this, in Frankfurt, Germany, he held various responsibilities as Operations Manager, Systems Analyst, and Systems Director for the Bank of America Visa International Division. Mr. Alvarez has a Bachelor’s Degree in Business Administration with a concentration in Information Systems and is a graduate of the Werner von Siemens and the Frankfurt Chamber of Commerce.

Justo Muñoz. Mr. Muñoz was appointed Executive Vice President of the Corporation in May 2008. Prior to such appointment, he served as Executive Vice President and Consumer Business Director of the Corporation since May 2007. Prior to joining the Bank, Mr Muñoz worked for Citigroup for 26 years, until his retirement in April 2006, where he served in various positions, including Senior Country Risk Manager for the Global Consumer Bank in Brazil, Mexico and Japan. Mr. Muñoz holds a Bachelor’s Degree in Business Administration with a major in Finance and an MBA, both from Loyola University.

Eric Delgado. Mr. Delgado was appointed First Senior Vice President and Middle Market Director in October 2006. Prior to joining the Corporation, Mr. Delgado worked for Doral Bank from 2003 to 2006 as an Executive Vice President in the areas of Commercial Banking and Credit Administration. Mr. Delgado holds a Bachelor’s Degree in Business Administration with a major in Finance from the Interamerican University in Puerto Rico.

Ivonna Pacheco. Ms. Pacheco has served as First Senior Vice President and Human Resources Director of the Corporation since March 2001. Ms. Pacheco began working at the Bank in 1990 as Manager of the Total Quality Program, becoming Assistant Vice President of the Telephone Banking Department in 1995. In November 2000, Ms. Pacheco was appointed Director of Human Resources. Prior to her employment at the Corporation, Ms. Pacheco served as Organizational Development Consultant for Banco Popular de Puerto Rico. She is a licensed psychologist with a Ph.D. in Industrial Organizational Psychology from Carlos Albizu University.

José Santoni. Since July 2003, Mr. Santoni has served as First Senior Vice President and Credit Risk Management Director of the Corporation. Mr. Santoni joined the Bank in 1985 where he held various positions including Assistant Vice President of the Credit Department, Vice President and Assistant to the President of Santander National Bank, a former affiliate, and Senior Vice President and Director of the Credit Administration Division of the Bank. From 1976 to 1983, Mr. Santoni worked for the Division of Bank Supervision of the Federal Deposit Insurance Corporation, New York Region. Mr. Santoni holds a Bachelor’s Degree in Finance from the University of Puerto Rico.

Juan M. Diaz has served as Senior Vice President, Investors Relations, Basel and Sarbanes Oxley Officer since May 2003. Mr. Diaz is a Certified Public Accountant and is a member of the Puerto Rico Society of Certified Public Accountants. Mr. Diaz held various positions in the San Juan Office of Arthur Andersen, LLP from 1985 to 2001. Until May 2001, Mr. Diaz served as Senior Manager in the Assurance and Business Advisory Group and was actively involved in providing services to a number of financial institutions, including, the Corporation and the Bank. During May 2001, Mr. Diaz transferred to the Arthur Andersen Office in Sao Paulo Brazil, as Director of the Capital Markets and SEC Practice Group. From June 2002 to April 2003, Mr. Diaz worked as Director of the Global Offering Services Group of Deloitte, Touche, Tohmatsu in Sao Paulo, Brazil. Mr. Diaz holds a Bachelor Degree in Business Administration with honors (Magna Cum Laude) from the University of Puerto Rico.

Laura Vazquez, CPA was appointed as Controller and Principal Accounting Officer in August 2007. Previously she was employed as Controller of Santander BanCorp from 1989 to 2007.

Miguel Cabeza. In April 2006, Mr. Cabeza was appointed Senior Vice President and Internal Audit Director of the Corporation. Before that date, Mr. Cabeza served as Internal Audit Director of Santander Group in Switzerland from April 2002 to November 2005. He also served as Internal Audit Team Manager of the Internal Audit Department of BSSA. Mr. Cabeza joined BSSA in June 1997 as Analyst of the Group Financial Department (General Intervention). Prior to joining Santander, Mr. Cabeza worked as Financial Manager in several small companies. Mr. Cabeza holds a Bachelor’s Degree in Economics from Valladolid University, Spain and a Master’s Degree in Banking and Financial Markets from the University of Cantabria, Spain.

Myrna Díaz has served as Senior Vice-President, Director of Construction Loans since August 2006. Mrs. Díaz arrived at the Corporation in 1988 as Manager of Construction Loans in charge of the operations and accounting procedures among others. In April 1996, Mrs. Díaz became Vice-President and Sub-Director of the unit. In August 2006, Mrs. Díaz became Director of Construction Loans. Mrs. Díaz holds a Bachelor's Degree in Business Administration from the Interamerican University of Puerto Rico.

María E. Semidei Camacho, Assistant Vice President for Organization and Methods, has been with Santander Puerto Rico since 2001. She began as an Analyst in the Organization and Methods Department where she worked on projects related to call center optimization and integration, as well as on the rationalization of operational procedures for Santander Mortgage. She became Process Coordinator for Santander Mortgage where she was responsible for evaluating, documenting and optimizing all internal processes of the mortgage lending business, from 2002 to 2003. In mid 2003, she was Process Supervisor, also at Santander Mortgage, responsible for the supervision of the New Projects Division, and the Telephone Banking and Preferred Banking sectors. In 2004, she returned to the Bank as Project Manager to create the Project Management Office (PMO), which she led until October 2006. In November 2006, she returned to Organization and Methods, as Director, in charge of the following divisions: Purchasing, Expense Control, Norms and Procedures, Operational Projects, and the PMO. Mrs. Semidei holds a Masters Degree in Manufacturing Engineering with a specialty in Quality Management from the Polytechnic University of Puerto Rico and two Bachelor’s Degrees: one in Mathematics (Cum Laude) with a minor in Education, from the University of Puerto Rico (Mayaguez), and the other in Industrial Engineering from the Polytechnic University of Puerto Rico. She is a Certified Project Management Professional (PMP).

José Alvarez.. Mr. Alvarez was named Executive Vice President in August 2006. Mr. Alvarez joined the Corporation as First Senior Vice President and Director of Operations and Information Technology in 2004. Since 1979, Mr. Alvarez has held various responsibilities within BSSA and its subsidiaries such as Director of Operations for the America Division in Madrid, Spain, Project Coordinator for the implementation of the Euro, and International Coordinator of Management Information Technology for Latin-American branches. In the past, he also held positions as Systems Director of Banco Santander in New York, and International Branches Coordinator for the implementation of the information and software systems for the New York, Hong Kong, and Frankfurt branches of Banco Santander. Prior to this, in Frankfurt, Germany, he held various responsibilities as Operations Manager, Systems Analyst, and Systems Director for the Bank of America Visa International Division. Mr. Alvarez has a Bachelor’s Degree in Business Administration with a concentration in Information Systems and is a graduate of the Werner von Siemens and the Frankfurt Chamber of Commerce.

Jesús M. Zabalza became a Director of the Corporation in October 2002. Mr. Zabalza currently serves as Managing Director of Banco Santander Central Hispano, S.A responsible for Latin America since July 2002. Prior to joining Banco Santander Central Hispano, S.A., Mr. Zabalza held various positions at La Caixa- (“Caja de Ahorros y Pensiones de Barcelona”) where he directed from 1996 to 2002 the retail-banking sector for Madrid and related areas. Prior to joining La Caixa, Mr. Zabalza worked at Caja Postal as Managing Director and also served as Managing Director of the Banco Hipotecario y Caja Postal from 1992 to 1996. From 1982 to 1992, Mr. Zabalza held several positions at Banco de Vizcaya, including Director of Commercial Banking, Director of Central Services and Director of Area. Mr. Zabalza holds an Industrial Engineer degree.

María Calero was appointed Senior Executive Vice President and Chief Compliance Officer in Novermber 2008 and has served as Director of the Corporation since February 2001. Ms. Calero was named Executive Vice President and Chief Accounting Officer in January 2001. Ms. Calero was appointed Director of the Board of Directors of the Bank in May 2000. From April 1996 to December 2000, Ms. Calero held the position of First Senior Vice President - Compliance and Legal Department. From April 1995 until April 1996, Ms. Calero held the title of Senior Vice President - Compliance Department and since November 1998 has been in charge of the Corporation’s Investor Relations. Prior to her employment at the Bank in April 1995, she held the position of Senior Vice President, Administration/Finance at Santander National Bank from November 1992 to March 1995, having served previously as a private consultant to those institutions on accounting and regulatory matters. Ms. Calero also worked for Deloitte, Haskins & Sells in the San Juan Office from August 1975 to August 1985; as Audit Manager, Savings & Loans Industry, from June 1980 to August 1985. Ms. Calero is a member of the American Institute of Certified Public Accountants, the Puerto Rico Society of Certified Public Accountants, and the Florida Institute of Certified Public Accountants.

Roberto H. Valentín has been a Director of the Corporation since May 2000 and Director of the Bank since April 1992. Mr. Valentín is an industrial engineer, a private investor and has served as Chairman and President of the following firms: Puerto Rico Box Corporation, Eric’s Products, Inc., VIE Development Corp, Dianissa Development Corp., RHV Investment Co., Desarrolladora Roosevelt, Inc. and Costa Córcega, S. E. He has served as a member of the Board of Directors of Río Mar Development and Country Club, Rotary International, Inc., and Rotary Foundation Inc. and as a member of the Board of Trustees of Universidad del Sagrado Corazón. Mr. Valentín currently serves as a member of the Board of Directors of the Puerto Rico Industrial Development Company.

Victor Arbulu Crousillat became a Director of the Corporation on October 2002. He has worked for J.P. Morgan for nearly 25 years in various positions in Europe, North America and South America. He was a Managing Director of J.P. Morgan, member of its European management committee and Chief Executive Officer for Spain and Portugal from 1988 until 1998. Prior to joining J.P. Morgan, Mr. Arbulu worked as an officer of the Interamerican Development Bank in Washington, D.C., and also as a financial consultant and in management positions of industrial companies in Spain and Latin America. Mr. Arbulu holds a degree in Mechanical and Electrical Engineering from the Universidad Nacional de Ingeniería in Lima, Peru and a Masters of Business Administration from the Escuela para Graduados (ESAN) in Lima, Peru.