Santander to Own 88.3% of Brazil Unit After Purchase Offer
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Banco Santander SA, Spain’s biggest bank, said investors holding 13.65 percent of its Brazilian unit’s minority shareholders accepted the company’s offer to buy their stock in exchange for newly issued shares.
The lender will now own 88.3 percent of the Brazilian unit, the Santander, Spain-based bank said in a filing to regulators today. The bank will remain listed in Sao Paulo, Santander said in April.