Banco Santander stock advances as Brazil offer details emerge

Published on 09/22/2026 at 13:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Banco Santander stock closed at EUR 12.52 on September 18, 2026, after a 3.3 percent decline. Six-month income reached EUR 30.8 billion.

Modern bank campus with glass pavilions at sunset, Spanish suburban landscape — Santander bank campus glass pavilions at golden sunset in Spanish suburb ES0113900019, Illustration mit AI erstellt.

Banco Santander stock (ISIN ES0113900019) closed at EUR 12.52 on the Madrid home market on September 18, 2026, down 3.3 percent from the prior close. The latest corporate filing adds a second market variable: Banco Santander, S.A. proposes exchanging 0.2028 parent shares for each Santander Brasil share and 0.4056 for each unit or American Depositary Share, according to StockTitan on September 21, 2026.

Exchange ratio sets the terms

The proposed transaction would acquire Santander Brasil securities not already held by the parent. As of August 31, 2026, Banco Santander owned approximately 89.7 percent of Santander Brasil's total share capital, according to StockTitan. The filing says the exchange is expected to be accretive to earnings per share and tangible net asset value per share while remaining neutral to the group's CET1 ratio.

The numerical comparison is clear: one Santander Brasil unit would receive twice the 0.2028 ratio assigned to an individual common or preferred share, or 0.4056 parent shares. The transaction is proposed rather than completed, and the filing states that completion is expected during the first half of 2027, subject to conditions and approvals.

Six-month figures show scale

For the six months ended June 30, 2026, Banco Santander reported total income of EUR 30.8 billion and profit attributable to the parent of EUR 9.0 billion, according to StockTitan. The same filing reported total assets of EUR 1,954.5 billion and total equity of EUR 115.9 billion as of June 30, 2026.

That balance-sheet scale provides context for the exchange structure. The filing lists market capitalization of EUR 177.5 billion as of June 30, 2026, while the proposed transaction would issue as many as 156.9 million new ordinary shares if all eligible Santander Brasil securities were tendered.

Valuation range meets stock price

An appraisal report delivered on September 18, 2026, placed the reasonable value range for Banco Santander ordinary shares at EUR 12.62 to EUR 13.88 using a price-to-earnings trading-comparables methodology, according to the filing. Against the Madrid closing price of EUR 12.52 on September 18, 2026, the lower end of that range stood EUR 0.10 above the market close.

The counter-factor is execution. The exchange offers remain subject to regulatory and shareholder approvals, and the filing warns that issuing new parent shares could dilute existing holders. It also states that the fixed exchange ratio means the value received by Santander Brasil holders will fluctuate with Banco Santander's share price before completion.

Madrid close remains the reference

Banco Santander stock closed at EUR 12.52 on the Madrid primary market on September 18, 2026, after a 3.3 percent session decline. The Madrid quotation remains the reference price for this article; the NYSE American Depositary Receipt is an additional listing and is not used as the reference market.