Banco Santander has named the head of investment banking at UBS as its next chief executive, putting a long-standing friend of the Spanish lender in charge.

Andrea Orcel, a member of the UBS executive committee and the president of its investment bank, will replace José Antonio Álvarez as CEO in early 2019, Santander said in a statement. Álvarez will become the group’s vice chair, succeeding Rodrigo Echenique, who confirmed his decision to retire from the role in June.