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Santander's Brazil IPO

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Santander's Brazil IPO

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Spain’s largest bank Santander aims to raise close to five billion euros by selling new shares in its Brazilian subsidiary.

The equivalent of just over 16 percent of the bank will go on the market to be traded in Brazil and the US. Part of the money from the initial public offering of shares will be used to open as many as 600 new Santander branches in Brazil over the next four years.