The Institute of International Finance (IIF), the global association for the financial industry, announced that Grupo Santander executive chair Ana Botín will become the next chair of the IIF — the first woman to take up the role.

Botín, a member of the IIF’s board since 2014, will succeed Axel Weber, board member of UBS Group AG, who concludes his term as chair at the end of the year.

She was elected unanimously by the IIF board of directors on October 13 during its annual meeting in Washington, D.C.

“I am honored to become chair of the IIF,” said Botín. “There has never been a more important time for a vibrant and innovative financial services industry.

“The IIF is a champion of finance and its capacity to support growth in the global economy, and I look forward to that continuing during my term as chair.”