The Financial Espresso: SANB‘s tender offer; Private payroll loans‘ delinquency; Credit for SMEs; BCRA reform

Research evidence excerpt

The Financial Espresso: SANB‘s tender offer; Private payroll loans‘ delinquency; Credit for SMEs; BCRA reform

Global Research

31 July 2026ab

The Financial Espresso Equities

Latin AmericaSANB's tender offer; Private payroll loans'

delinquency; Credit for SMEs; BCRA reform Financial

Kaio Prato

Analyst

kaio.prato@ubs.com

Santander Spain launches voluntary offer for minority shareholders of +55-11-3513 6573

Santander Brazil

Thiago Batista, CFA

Santander Spain launched a voluntary share-exchange offer to acquire the Analyst

approximately 10% stake it does not yet own in Santander Brazil. The transaction thiago.batista@ubs.com

allows Santander Brazil’s minority shareholders to exchange their units or ADSs for +55-11-3513 6518

securities representing shares of the Spanish parent. Shareholders are not required Camila Azevedo

to participate and may retain their Santander Brazil securities if they choose not to Associate Analyst

accept the offer. The transaction is intended to simplify the group’s structure and camila.azevedo@ubs.com

reinforce Santander’s long-term commitment to Brazil. Our take: In the volunteer +55-11-2767 6881

share swap, the exchange ratio defined was 0.4056 newly issued Santander Bruno Kenji

(Group) shares for each Santander Brasil unit (SANB11), which means R$ 29.04 Associate Analyst

considering the closing prices - implied premium of 15% - See here our fast take. bruno.kenji@ubs.com

+55-11-2767 6056

Private payroll-loan delinquency rises to 8.6% Beatriz Shinye

According to Valor, delinquency in private-sector payroll loans increased to 8.6% in Associate Analyst

June, the highest level since the series began in 2011. Delinquency rose 3.1pp in beatriz.shinye@ubs.com