Banco Santander plans to sell up to 24.9% of its Mexican subsidiary,
the
Financial Times
reported.
The Spanish bank will sell up to 6.2% on the Mexican stock exchange and up to 18.7% through an offering on the New York Stock Exchange, the article said.
The shares being offered could be worth between $3 billion and $4 billion, the article said. Santander would retain a controlling stake in the subsidiary, Grupo Financiero Sanrander Mexico.
An earlier
FT
report
said Santander is selling stakes in its subsidiaries to raise capital “at a time when the Spanish bank’s access to funding has been hindered by the sovereign debt crisis.” Santander spun off part of its Brazilian arm in 2009 but has put on hold a listing of its U.K. subsidiary, according to the earlier report.
(Source:
Financial Times,
Aug. 19, 2012 and Aug. 16, 2012.)
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