Agence France-Presse . Madrid

Santander, Spain's biggest bank, said Friday that it had appointed former International Monetary Fund chief Rodrigo Rato to its international advisory board.

Rato, a former Spanish economy minister who stepped down as IMF head in October, was selected because of 'his knowledge of the world economy, his experience and global vision,' Santander quoted its president Emilio Botin as saying in a statement. He will earn an annual fee of 200,000 euros ($296,000).

Santander's international advisory board is a non-executive body that assists the bank's board of directors in designing global strategies and suggesting business opportunities, the statement said. The nomination comes one month after investment bank Lazard announced it had hired Rato as a senior managing director.

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