Santander raises $8.1bn in flotation of Brazilian subsidiary

by Gill Montia

Story link: Santander raises $8.1bn in flotation of Brazilian subsidiary

Banco Santander SA has raised $8.1 billion in a flotation of Banco Santander (Brasil) SA, both in Brazil and on the New York Stock Exchange.

The initial public offering, which is the biggest so far seen in Brazil, and the largest in the US in 18 months, will help support the group’s expansion plans in Latin America.

According to reports, around 70% of the funds will be invested in the expansion of the group’s Brazilian branch network and the installation automatic teller machines.

The balance will go towards enhancing capital ratios.