Santander's Mexico affiliate trades up after offering priced

Wed Sep 26, 2012 9:56am EDT
 
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MEXICO CITY (Reuters) - Shares of the Mexican affiliate of Spanish bank Santander (SANMEXB.MX: Quote) rose 2 percent in early trading on Wednesday after the company priced its multi-billion dollar offering the previous session.

Banco Santander (SAN.MC: Quote) is raising more than $4 billion in a dual-country offering of its Mexican affiliate's shares to help the bank shore up its operations in the ailing Spanish economy.

The offering, the largest ever by a Mexico-listed company, was priced at 31.25 pesos in Mexico on Tuesday. The New York-listed shares BSMX.N traded at $12.63.

(Reporting By Cyntia Barrera Diaz; Editing by Gerald E. McCormick)