MADRID (AP) — Banco Santander says it hopes to raise up to €3.4 billion ($4.3 billion) from a public offering of shares in its Mexican subsidiary.
The Spanish bank announced Tuesday it is selling 24.9 percent of Grupo Financiero Santander Mexico's share capital.
It said the sale is part of a strategy of listing the bank's most important subsidiaries within five years and boosting growth.
The sale of almost 1.69 billion shares values Santander Mexico at up to €13.7 billion.
Banco Santander, S.A. said in a written statement it hopes to list the shares on the Mexican and New York stock exchanges around Sept. 26.
The bank claimed the offering is the largest equity transaction in Latin America this year.