Ana Botín, the chair of Santander, and the group chief executive José Antonio Álvarez will donate half their 2020 pay packages to a €25m global Covid-19 relief fund created by the Spanish bank to provide essentials to areas worst hit by the pandemic.

In a statement on 23 March, Europe’s second-largest bank said the money would be sent to areas that “require immediate attention” and will be spent on medical equipment and protective clothing, as well as donations to local authorities.