Mr Simoes will be on a basic salary of £1.175m per annum with the potential to triple this through bonuses.

His appointment is subject to regulatory approval.

The Banco Santander exec has been regional head of Europe at the Spanish bank since September 2020.

In his role he has led Santander’s businesses in the UK, Spain, Portugal and Poland, working in retail and commercial banking, corporate and investment banking, wealth management and insurance.

Before Santander he worked for 13 years at HSBC, including as CEO of UK and Europe, and latterly CEO of Global Private Banking, based in London and Hong Kong. He is a former McKinsey & Company partner.

Sir Nigel has been group CEO of Legal & General since 2012, and in January announced his intention to retire. He will be 67 in November.

Mr Simões will take up his post on 1 January with Sir Nigel remaining as chief executive in the meantime.

The two will work together to ensure a comprehensive handover and a smooth transition, the firm said.

Mr Simões will join the board of Legal & General Group plc on appointment, at which point Sir Nigel will step down from the board.

Sir John Kingman, L&G group chair, said: “António brings a formidable leadership track record at the most senior level of financial services, working across complex, global organisations.

“In an excellent field, his energy, ambition and clarity of strategic thinking stood out, alongside his strong belief in the positive role that business should play in society. I would also like to reiterate my thanks to Nigel who I know will continue as ever to show relentless commitment to Legal & General.”

Mr Simões said: “Legal & General is a great company with an iconic, highly respected brand, strong financial track record and a deep-rooted commitment to social purpose. I’m proud to be appointed as group CEO to build on the success of Nigel and the team.

“This is a critical time for our industry, clients and customers, with emerging technologies, changing societal dynamics and wider economic forces presenting new challenges and opportunities that require all of us to adapt and evolve. I look forward to working with the board and an exceptional team of colleagues to shape this important next chapter; delivering market leading solutions, sustainable shareholder value, and an enduring positive impact on society.”