Santander’s acquisition of Bank of America Merrill Lynch’s minority stake in its Mexican subsidiary has increased the likelihood that it will follow in the footsteps of its Brazilian operation and undertake an IPO, according to a source.
Although no details have yet emerged, Santander is well positioned to list Santander Mexico after paying Bank of America $2.5 billion for its 24.9% stake last month. The deal means that Santander now owns 99.9% of the bank. It is likely to mop up the remaining 0.1%, held by a disparate group of...
