Spain's Santander says to open 600 branches in Brazil

5th September 2009, Comments 0 comments

Santander, Spain's largest bank, plans to open around 600 branches in Brazil, Latin America's largest economy, by 2013, through its subsidiary in the country, documents showed on Friday.

Madrid - Santander, Spain's largest bank, plans to open around 600 branches in Brazil, Latin America's largest economy, by 2013, through its subsidiary in the country, documents showed on Friday.

"We plan to open 600 new branches by 2013 in our stronghold area of south and southeastern Brazil and other regions where we have critical mass," it said in a filing with the US Securities and Exchange Commission (SEC) on its plans to float part of its Brazilian unit.

The bank said in July it would sell about 15 percent of its Brazilian unit in what may become one of the largest new share offerings of the year.

In its preliminary filing to the SEC, Santander did not provide any indication regarding the price of the new shares.

Santander currently has 2,091 branches in Brazil, which accounted for over 20 percent of the bank's net income during the first half of the year.

AFP / Expatica

0 Comments To This Article