Santander Rio Preps US Market Debut

Banco Santander Rio, the Spanish bank’s Argentine unit, has filed for an offer of ADRs in the US, it says. The bank plans to raise about $100m in the deal, according to local press reports, to raise funds to expand its branches, for acquisitions, and to expand its loan portfolio. It does not indicate the timing or the lead managers. Santander Rio preferred shares traded at ARP12.00 Thursday.