* To list ADSs on NYSE under symbol "BSAR"
* To use proceeds to fund expansion
(Adds details on Argentine share offer, IFR report)
BUENOS AIRES May 26 Banco Santander's (SAN.MC)
(STD.BA) (RIO.BA) Argentine unit, Banco Santander Rio S.A.,
filed with U.S. regulators on Thursday to raise up to $100
million in an initial public offering of American depositary
The largest private sector bank in Argentina said it would
use the proceeds to expand its network of branches and ATMs,
bulk up its loan portfolio and for acquisitions.
The bank told the U.S. Securities and Exchange Commission
in a preliminary prospectus that Band of America Merrill Lynch,
JPMorgan and Spain's Santander were underwriting the IPO.
The company intends to list its ADSs on the New York Stock
Exchange under the symbol "BSAR."
For the year ended 2010, the company earned $558.0 million
in net interest income.
In the filing, the company said its listing on the NYSE
would consist of primary and secondary shares. It did not
reveal how many American depositary shares it plans to sell or
the expected price.
Each ADS represents four Class B shares of Banco Santander
In conjunction with the IPO, the bank also intends to offer
Class B shares in Argentina, subject to the local market
Bank officials were not immediately available to provide
In mid-March, shareholders of Banco Santander Rio
authorized an increase of up to 145 million Class B shares,
which traders said would be worth about $450 million.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO can be different.
Thomson Reuters news service IFR reported last week that
Santander's listing of its Argentine subsidiary could bring in
as much as $1 billion.
(Reporting by Jochelle Mendonca and Vidya L Nathan in
BANGALORE; Additional reporting by Walter Bianchi in Buenos
Aires; Editing by Sriraj Kalluvila and John Wallace)