Nov. 11 (Bloomberg) -- Banco Santander (Brasil) SA, the Brazilian unit of Spain’s biggest bank, was rated “overweight” in new coverage at JPMorgan Chase & Co., which said the stock’s valuations make it the brokerage’s top pick among the nation’s lenders.

To contact the reporter on this story: Shiyin Chen in Singapore at schen37@bloomberg.net

Last Updated: November 11, 2009 00:41 EST