Banco Santander to acquire the remaining 8.3% stake in Santander Mexico for $648m.

Banco Santander, a Spanish multinational financial services company, offered to acquire the remaining 8.3% stake in Santander Mexico, a Mexican subsidiary of Santander, for $648m. Santander’s offer is comfortably above the unit’s share price over the past year, though still below pre-pandemic levels and 22% lower than where it was when the Spanish lender first sought full ownership of its Mexican business in 2019. With full control of Santander Mexico, the Spanish bank will increase its exposure to a region that has structural growth and high and increasing profitability. On 29 October 2021; Santander raises offer to buy outstanding stake in Mexico unit by 10.4%.