Sovereign combines 2 bank divisions

By Associated Press
April 14, 2011

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Sovereign Bank said yesterday it reorganized to combine its retail and small business banking, and gave responsibility for the oversight of the operations to a senior executive.

Nuno Matos, 43, managing director of retail banking, will take over responsibility for all retail businesses, including the 721 branches of the subsidiary of Banco Santander of Spain.

Sovereign said the move “centralizes oversight of all retail and small business product development, sales distribution, and support’’ under Matos. Matos is a member of the bank’s executive committee and board.

The bank also said David Miree, 43, was recently hired as managing director of the retail network, reporting to Matos. He most recently was a regional executive vice president for Wells Fargo in Pennsylvania, and previously worked for Capital One.

Sovereign is one of the region’s largest banks and is run largely out of Boston.