Banco Santander Makes EUR1.9 Billion Exchange Offer for Remaining 10% Santander Brazil Stake

12:42 AM EDT, 07/31/2026 (MT Newswires) -- Banco Santander (SAN.MC, BNC.L) said Thursday it is offering up to 1.91 billion euros in new shares in exchange for the 10% stake it does not already own in Santander Brazil. The offer for outstanding common shares, preferred shares, units and American depositary shares will be carried out in Brazil and the US. The Spanish lender is offering 0.4056 newly issued share for each unit or ADS and 0.2028 newly issued share for every common or preferred share, representing up to 1.1% of its current issued share capital. Banco Santander said it does not intend to delist Santander Brazil, but noted that the ADS might be delisted from the New York Stock Exchange following the offer. The transaction is expected to be EPS accretive for the Spanish bank by 0.5% from 2028. Completion is subject to customary closing conditions, including the approval of relevant regulators.