Exhibit 10.18
  
   1.
    
    In your position, you shall be responsible for and will supervise all of the
operations of the Group in Puerto Rico.2.
    
    The conditions set forth herein shall be in full force and effect for three years commencing on
October 22, 2008 and ending on October 21, 2011.3.
    
    During the period whereby these conditions are in full force and effect, the Group may
terminate your employment if there is just cause, without any
compensation whatsoever. The
Group may also terminate your employment without just cause. In this latter case, you shall
receive as severance the amount required under Puerto Rico law.4.
    
    Your gross annual salary for the first year of employment shall be $775,000.00 Your
gross
annual salary shall be subject to review for increase in the sole discretion of the Compensation
Committee of the Board of Directors of the Group (the Compensation Committee) for
subsequent contract years, Your salary shall be distributed in installments as established by the
Group.5.
    
    You will participate in the incentive compensation program of the Group for expatriated
officers. Under this program, you will be eligible to participate in the Groups
performance
bonus incentive plan.6.
    
    You are entitled to receive certain perquisites that includes housing, vehicle, moving
expenses,
life and health care insurance school tuition for children (not including the university tuition),
utilities, vacations, gross-ups and other related expenses as determined by the Compensation
Committee.7.
    
    You acknowledge that the functions and duties that you will perform under this agreement are
of a confidential nature, and as so you will be privy of facts, matters, plans and
strategies, as
well as confidential financial information of the Group and its
clients. Therefore, you
agree to
maintain in absolute confidentiality and abstain to disclose this information during and
after the
term of this agreement.8.
    
    Should any dispute arise with regards to the interpretation, validity,
compliance, or early termination of this agreement that shall not be solved by the
parties, you hereby agree to




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submit to compulsory arbitration in the City of San Juan, Puerto Rico, in accordance to the
American Arbitration Association rules. The party that requests the arbitration must notify
the other party of its election to arbitrate no later than ten (10) days after making such
election. The Group shall pay the arbitration costs, including the arbiter fees. Each party
shall be responsible for its own attorneys fees as well as the preparation and presentation
of evidence.9.
    
    This agreement contains the entire agreement between the parties concerning the subject
matter hereof and supersedes all prior agreements, understandings, discussions, negotiations
and undertakings, whether written or oral, between the parties with respect thereto; provided,
however, that this agreement shall not affect any other agreements between you and Banco
Santander, S.A., or its affiliates other than the Group, which remain in full force and effect on
the date hereof related to benefits payable to you for prior years of service10.
    
    This agreement shall be governed by and construed in accordance with its express terms, and
otherwise in accordance with the laws of the Commonwealth of Puerto Rico, without reference
to principles of conflict of laws. This agreement may not be amended or modified otherwise
than by a written agreement executed by the parties hereto or their respective successors and
legal representatives. In the event of any conflict or inconsistency between the provisions
of
this agreement and any other plan, program, policy or agreement of the Group in Puerto Rico,
the provisions of this agreement shall control.
  Sincerely,-s- Maria CaleroMaria CaleroExecutive Vice President-s- Rafael S. BonillaRafael S. BonillaSenior Vice PresidentApproved and Accepted by:-s- Juan Moreno BlancoJuan Moreno Blanco