In mid-November 2008, Emilio Botín was undergoing some of the most nerve-racking moments of his career. Santander, the Spanish bank of which he is executive chairman, had surprised the market with the launch of a heavily discounted rights issue to raise €7.2bn and bolster capital ratios; but the share price was falling perilously close to the €4.50 per share rights price. It was possible that a fifth of Santander, the eurozone’s biggest bank by market capitalisation, would end up in the hands of the underwriters, led by Merrill Lynch and Bank of America.

But by the end of November, the shares had recovered and the money was raised. Mr Botín was jubilant. He had once again taken a calculated gamble to strengthen the bank and outsmart his rivals, and won.