Spanish banking giant Santander yesterday announced the purchase of the remaining 25 per cent of Banco Santander Brasil which it did not already own.
Shareholders approved the capital raising for the deal, with the purchase expected to be worth around $6.5bn (£4bn).
Santander group is paying the market price plus 20 per cent for the shares.
Executive chairman Ana Botin paid tribute to her predecessor and father Emilio Botin – who died last week – in her speech to shareholders.
“His achievements came from a clear vision: prudent risk-taking, focus on the client and on commercial banking, and agility so as to move forward and take advantage of opportunities for growth,” she said.
The Brazilian expansion was an early move in Emilio Botin’s 30 years at the top.