The parent group will swap shares to buy the remaining 10% stake in a deal worth up to 1.908 billion.
Santander Brasil announced on the night of September 21, 2026, that it filed a request with Brazil's securities regulator, the CVM, to register as a foreign issuer. The filing is part of the voluntary share exchange tender offer led by its Spanish parent company. The Brazilian subsidiary currently trades units on the B3 exchange under the ticker SANB11.
Santander also requested CVM registration for a Brazilian Depositary Receipts (BDR) program to trade on B3. The bank filed for approval of the exchange offer in Brazil with both the CVM and B3. In the United States, it submitted a Form F-4 registration statement with the SEC, which has not yet been declared effective.
The company received a valuation report for both Santander Brasil and Banco Santander prepared by UBS BB for the Brazilian exchange offer. In late July, the Spanish group announced an offer to acquire the 10% it does not yet own in Santander Brasil. In a transaction of up to 1.908 billion, shareholders will receive 0.4056 BDRs or ADSs of Banco Santander for each Santander Brasil unit.
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