Santander Argentina Unit Actively Seeking Acquisitions
26 Mai 2011 - 4:46PM
Dow Jones News
Banco Santander SA's (STD) Argentinian unit will use proceeds
from its upcoming share sale to expand its branch network, and is
actively seeking "material acquisitions in the near to medium
term," the bank said Thursday in a prospectus filed with the U.S.
Securities and Exchange Commission.
The unit, Banco Santander Rio SA (BRIO.BA), has requested
approval from Argentine and U.S. stock market regulators to list
new shares.
In the prospectus, Santander Rio said it may open approximately
100 new branches and install 200 new automatic teller machines by
2013, increase its loan portfolio, and to "fund inorganic growth to
the extent we are able to complete appropriate acquisitions."
In a separate Spanish regulatory filing, the Spanish banking
giant said it hasn't yet decided how many new shares it will sell
in the offering.
Santander first announced its intention to sell new shares in
its Argentine unit in February as part of its strategy to raise
capital through the sale of minority stakes in some of its
operations around the world.
It has also said it wants to sell shares in its U.K. unit before
the end of this year.
-By Christopher Bjork; Dow Jones Newswires; +34913958123;
christopher.bjork@dowjones.com