Banco Santander Enhances Capital with $1.5B Share Placement

Banco Santander (ES:SAN) has released an update.

Banco Santander has successfully executed a $1.5 billion placement of contingent convertible preferred shares, targeting professional investors and eligible counterparties through an accelerated book-building process. These shares offer an 8% annual return for the first decade, and will count as additional tier 1 capital to boost the bank’s financial robustness. The shares are set to be traded on the New York Stock Exchange, with further details available on the bank’s website.

For further insights into ES:SAN stock, check out TipRanks’ Stock Analysis page.