Santander Shareholders Approve Takeover of Mexican Subsidiary

   By Nathan Allen

Banco Santander SA (SAN.MC) said Tuesday that its shareholders have approved a capital increase to buy out minority shareholders in the bank's Mexican subsidiary.

At an extraordinary general meeting shareholders authorized Santander to issue up to 2.56 billion euros ($2.87 billion) in new shares to take over the 24.95% of Banco Santander (Mexico) SA Institucion de Banca Multiple Grupo Financiero Santander Mexico (BSMX.MX) currently held by minorities.

Minority shareholders who subscribe to the buyout will receive 0.337 Santander shares for every Santander Mexico share.

"We believe that the Mexican economy is attractive and is one of the economies with greatest potential in Latin America," Santander Chairman Ana Botin said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

July 23, 2019 04:42 ET (08:42 GMT)

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