Banco Santander raised the exchange ratio of its offer for the minority shareholders of Banco Santander (Brasil) by 5% on 12 November 2026, valuing the stake at up to about €1.9bn (c.US$2.1bn).
Why Banco Santander, S.A. is buying Banco Santander (Brasil) S.A. (c.10% minority stake)
Santander cited recent market developments and stakeholder feedback for the revision, and said the deal is consistent with its long-term value-creation strategy and capital allocation framework while being capital-neutral. It expects about 0.3% accretion to earnings per share from 2029.
Deal terms and financing
Holders will receive 0.4260 new Santander shares per unit or ADS, up from 0.4056, and 0.2130 per common or preferred share, before adjustments for dividends paid since 30 July. Consideration will be delivered as BDRs traded on B3 or ADSs traded on the New York Stock Exchange.
Regulatory approvals and timing
Launch of the offer depends on regulatory approvals and on Santander shareholders approving the capital increase at an extraordinary meeting expected on 15 December 2026. Santander Brasil has said it will remain listed on B3.
