The chairman of Banco Santander, Emilio Botin, died on September 10 at age 79. Over the past few decades, he was a key force that transformed the Spanish lender into one of Europe’s largest banks. In a second, not entirely unexpected event, Botin’s daughter has been named as his replacement: Ana Patricia Botin, 53, had been head of Santander in the U.K. She becomes the fourth generation to head up the bank over more than 100 years.

Emilio Botin was a highly respected person in Spain, and some reports have noted that the public often listened to his rare pronouncements about the economy much more closely than they would to statements made by politicians.

Wharton management professor Mauro Guillen, who is also director of The Lauder Institute, talked to Knowledge at Wharton about Botin’s legacy and where the bank goes from here.…