On October 7, 2009
Santander Brazil IPO Raises Question: Are Banks Invested In Emerging Markets For Long Haul?
In Rio De Janeiro, the vibrant carnival for which the city is best known comes once every January. So far in October, however, there has been a samba dance of a financial sort, as the city secured its place as host for the 2016 Olympic games, and a multi-billion dollar market debut there rocked the IPO world. While the first event made for popular headlines, the second is a significant sign that globalization is really setting in the banking industry. But it’s still unclear what strategic purpose developed country banks have in mind for emerging market ones. Banco Santander Brazil’s (BSBR) $8.1 billion initial public offering (IPO), which made the Spanish parent a capital gain of €1.43 billion ($2.1 billion),…
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