Banco Santander named one of Europe’s best known investment bankers, UBS’s Andrea Orcel, as its new CEO, signaling a more ambitious strategy for one of the continent’s largest lenders.

Santander said Orcel will take over early next year from José Antonio Álvarez, who has been in the job since 2015. Alvarez will become vice chair of the Santander group and executive chairman for Santander Spain, the bank said.