Banco Santander Brazil unit is to hold an initial public offering with a prospectus filed to the U.S. Securities and Exchange Commission, saying it aims to raise $200 million in the deal. That amount, however, is indicative, and the sale of a 15 percent stake in Brazil’s third-largest bank not in government hands is expected to fetch much more, analysts said. In a note to investors, Lisbon-based brokerage BPI said the sale could be worth EUR2.3 billion, according to the Wall Street Journal. Santander is Spain’s largest bank by market value.
Banco Santander’s Brazil Unit Plans Public Offering
In a note to investors, Lisbon-based brokerage BPI said the sale could be worth EUR2.3 billion.