Banco Santander started the IPO process for its Mexican branch, selling shares on stock markets in Mexico and the United States. It is the biggest deal in Mexican history .
Santander, led by CEO Emilio Botín, will take in around 3.4 billion euros from the deal. It is part of a five-year plan to set free Santander's branches in countries outside of Spain, starting in Mexico and moving on to IPOs in the United Kingdom, Argentina, the United States and Portugal.
The branches will gain autonomy in an effort to minimize the risk of contagion, make the Santander brand more visible and gain more resources and flexibility. Santander has not shown these traits throughout the crisis.
