Santander seeks US car loan IPO

Santander is reportedly seeking to float its US car-financing unit just months after its successful Mexican IPO. The bank will seek a valuation of as much as $6bn (£3.8bn) people familiar with the matter said, according to the Wall Street Journal.
The US car-financing unit, based in Texas, has a loan portfolio of around $18bn. The business has recovered well in recent years, in tandem with the rest of the US car industry.