Santander Brasil Eyes New Markets

As Santander Brasil prepares a non-deal roadshow in Switzerland for early 2013, the Brazilian bank will continue to evaluate new markets throughout the year, Alvaro Carbajosa, Santander Brasil’s head of international funding, tells LatinFinance. The bank recently wrapped up fixed-income meetings in Chile, Colombia and Peru in October after seeing accounts in Hong Kong, Singapore and Taiwan in August. Following Santander Chile with an offshore renminbi, or Dim Sum, transaction via public or private placement is a possibility. “Santander Chile was an excellent transaction. It was the first financial to open the market with a public transaction, opening the door to a new investor base, diversifying into a new market and getting Santander noticed,” Carbajosa says. He does not indicate timing for attempting such a sale, or give additional details about the Swiss meetings. While Santander banks have suffered in the secondary market given association with the Spanish parent, Carbajosa reiterates Santander Brasil is independent in terms of funding and well coordinated with other Santander units on when they plan to come to market. Carbajosa also emphasized that while Santander Brasil is flexible in its funding plans and considers different currencies and tenors if swaps make sense, at least 10%-15% of total funding has to come from USD.