Spain’s Banco Santander, parent of Connecticut branch operator Sovereign Bank, has raised $8.1 billion by selling new shares to expand Brazilian operations. It’s the world’s biggest initial public offering this year, and Brazil’s biggest ever.
Santander’s Brazilian unit says in a filing to Brazilian securities regulators that 600 million shares were sold for $13.43 each.
The bank will use the money to grow in Latin America’s largest nation. Brazilians are seeking loans in droves — buying cars and homes and funding business expansions as the economy charges forward after being hit lightly by the global meltdown.
The offering eclipsed Brazil’s largest IPO last year — when VisaNet raised $4.3 billion. (AP)
