Santander Mexico Begins IPO Manager Selection

Santander is heard to have named Deutsche Bank and UBS to manage the IPO of its Mexican unit, according to sources following the process, alongside Santander’s own ECM unit. Additional banks are expected to be added going forward. The transaction is expected this year, and seen raising more than $2bn to help shore up the Spanish parent’s balance sheet. Up to 25% of the bank could be floated. An official at the Mexican bank did not return a request for comment.