Santander BanCorp of San Juan, Puerto Rico, said that its president and chief executive has resigned, and that an executive from its majority owner will succeed him.

Juan Moreno Blanco, director of business development for America at Banco Santander SA, will become the CEO of Santander BanCorp as soon as he obtains a visa, the company said Friday.

Jose Ramon Gonzalez, who resigned Thursday, said he wants to "devote more time to my personal affairs and explore new challenges," according to Santander BanCorp. He will remain on its board.

The company also said it has discontinued the dividend on its common stock, "in light of the continuing challenging economic conditions in Puerto Rico and the global capital markets."

The $1.35 trillion-asset Banco Santander, Europe's largest banking company by market capitalization, owns 91% of Santander BanCorp.

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