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Santander Brasil IPO came at perfect time: CEO

SAO PAULO | Wed Oct 7, 2009 12:38pm EDT

SAO PAULO (Reuters) - The initial public offering of Santander's Brazilian unit came at a perfect time as Brazil navigates through the global financial turmoil successfully, the unit's chief executive said on Wednesday.

"The timing could not have been better," said Fabio Barbosa, the CEO of the Brazilian unit, at a news conference.

The unit, formally known as Banco Santander (Brasil) SA, raised 14.1 billion reais ($8.05 billion) with its initial public offering in Sao Paulo and New York, the largest ever in Brazil and the biggest IPO on a U.S. exchange the past 18 months.

(Reporting by Guillermo Parra-Bernal, Writing by Elzio Barreto)
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