Santander Central Hispano (SCH), Spain's biggest bank, has completed a major management reshuffle, drawing a line under a three-year old management dispute.

Alfredo Saenz, formerly head of the bank's Banesto subsidiary, has succeeded Angel Corcostegui as chief executive, while Ana Patricia Botin, daughter of current SCH chairman Emilio Botin, is to take over Mr Saenz's duties.

Mr Corcostegui stepped down earlier this week, citing "personal reasons."

The reshuffle draws a line under an internal dispute dating back to 1999, when SCH was formed from a merger between Banco Santander and Central Hispano.

Wednesday's reshuffle hands control of the bank largely to former Banco Santader executives.

Last August, former Central Hispano leader Jose Maria Amusategui resigned, leaving Emilio Botin, formerly Banco Santander chief, as sole chairman after a severe and damaging public battle.

Angel Corcostegui was regarded as Mr. Amusategui's prot�g�, and his departure on Wednesday was widely expected.

Cautious reaction

Analysts expressed reservations at the resignation of Mr. Corcostegui.

"In principle this is not good news. (Corcostegui) was one of the main figures at SCH with a good reputation. The stock is being hit because this creates uncertainty," said Jose Rubiato, a trader at Banco Urquijo.

Shares in the bank were trading around 1% lower at 8.67 euros on Wednesday afternoon

Argentine woes

Internal strife is not the only bank's problem.

SCH is also Latin America's biggest banking group, with operations in 12 countries in the region.

In a wake of economic problems in Brazil and Argentina, the bank was forced to implement a cost-saving programme, which involved the closure of many branches.

The company has also set aside 1.3bn euros to cover potential losses in Argentina.