Banco Santander launched a voluntary exchange offer to acquire the remaining 10% of its Brazilian subsidiary. The transaction is valued at a maximum of approximately €1.91 billion ($2.2 billion). This move underscores the bank's long-term commitment to Brazil as a core market.
The offer swaps newly issued Banco Santander shares for remaining Santander Brazil shares and ADSs. The deal offers a 15% premium over the reference share price as of July 30, 2026. Full acceptance would result in the issuance of 156 million new shares. This issuance represents 1.1% of the parent company's current capital.
Santander does not intend to delist the subsidiary from the São Paulo stock exchange. The bank expects the acquisition to be accretive to earnings per share. The transaction will maintain a neutral impact on the group's capital ratio. This move aims to simplify the group structure and strengthen long-term earnings growth.