MADRID--Banco Santander SA (SAN.MC) Wednesday said it will price
the shares of its Mexican unit at 31.25 Mexican pesos, or $2.437,
valuing the entire unit to be floated in Mexico City and New York
at approximately 12.8 billion euros ($16.6 billion).
Santander, Spain's largest bank by market value and
second-largest firm after retailer Inditex SA (ITX.MC), will sell
around 25% of Grupo Financiero Santander Mexico SAB de CV
(SANMEX.MX). The bank said 19% of the initial public offering was
sold in Mexico, with the rest in the U.S. and other countries.
Santander has marketed the Mexican unit as an opportunity for
investors to tap a growing economy with a young population and a
relatively low level of banking services. Mexico's gross domestic
product is expected to expand by nearly 4% this year, while credit
is growing at an annual clip of about 15%
Trading begins Wednesday, and shares on the New York Stock
Exchange will be listed under the ticker BSMX.
Write to David Roman at david.roman@dowjones.com Twitter:
@dromanber
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