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BREAKING NEWS

Santander's Brazil unit in record IPO

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Santander's Brazil unit in record IPO

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Banco Santander’s Brazilian unit has raised the equivalent of 5.46 billion euros in what is a record initial public offering of shares in Brazil.

It increased the number for sale due to higher demand from investors. Shares were also sold in the US where it was the largest IPO in 18 months. Santander will use much of the money raised to expand its network of branches in Brazil and install more cash machines.