Banco Santander SA, the Brazilian unit of private-sector bank Santander (SAN) Thursday filed with U.S. Securities and Exchange Commission for an initial public offering or IPO, to raise up to $200 million. The filing has not disclosed the timing for the offering.
The offering consists of an international offering in the United States and other countries outside of Brazil and a concurrent offering of units in Brazil, with each unit representing 55 common shares, without par value, and 50 preferred shares, without par value of Banco Santander, Brasil S.A. In the international offering, units are offered directly or in the form of American depositary shares or ADSs', each of which representing one unit. The units will represent a combination of common and preferred shares and subscription receipts for common and preferred shares.
Santander intends to use the net proceeds from the global offering to expand its business in Brazil, to enhance funding structure and to increase current credit transactions. The bank plans to use 70% of the net proceeds to expand physical infrastructure, including opening of new branches and installing additional ATMs and to fund increased credit transactions in Commercial Banking and Global Wholesale Banking segments, 20% of the net proceeds to improve funding structure and 10% to increase capital base by improving Basel capital adequacy ratio. SAN closed Thursday's regular trading at $48.83 on the NYSE.
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