Ana Patricia Botin

By Samuel Loewenberg/ Madrid

While Spain's new government is trying to end its patriarchal traditions by allowing women to head the monarchy, the private sector is ahead of the curve. Ana Patricia Botin, 43, a financial veteran, is executive chairwoman of Banco Espanol de Credito (Banesto), and when her father Emilio retires as chairman, she may take over the parent firm, family-controlled Grupo Santander, which is Spain's biggest banking empire. Botin, who speaks five languages, has learned how to face those who charge nepotism. "I started at the bottom," she says. "Nobody has given me anything." Indeed, Botin has had setbacks. She overexpanded Santander's operations in Latin America during the 1990s, then left to form Internet and investment companies. Since Botin joined Banesto two years ago, the bank has gained some 150,000 new customers, and in the first three quarters of 2004, profits rose 12%, to $532 million. At Santander, which just took over British bank Abbey National, Botin is giving Spain's macho banking world a run for its money. --By Samuel Loewenberg/ Madrid