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Qatar fund to sell stake in Brazilian bank

Qatar’s sovereign wealth fund Qatar Investment Authority is selling as much as $900 million worth of shares in Banco Santander’s Brazilian unit. The fund is offering 80 million units composed of one common share and one preferred share in Banco Santander (Brasil) to international investors. The units are being offered in the form of American depositary shares. The fund claimed this transaction forms part of the routine portfolio management activities undertaken by it from time to time. QIA has been an investor in Santander Brasil for close to 7 years and, following the completion of this offering, expects to remain the second-largest shareholder of Santander Brasil after Banco Santander, it added. QIA holds approximately 5.5% of Santander Brasil’s equity and intends to sell about 40% of that stake.

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