THE CANADIAN PRESS

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NEW YORK - Spanish financial giant Banco Santander SA has raised $8.1 billion with an initial public offering of shares in its Brazilian subsidiary, the largest IPO in the world this year.

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THE ASSOCIATED PRESS/Richard Drew

Jose de Menezes Berenguer Neto, second from right, Executive Vice President, Banco Santander Brasil S.A., is applauded by colleagues and NYSE CEO Duncan Niederauer, third left, as he rings the New York Stock Exchange opening bell to celebrate the company's IPO, Wednesday, Oct. 7, 2009. Spain's Banco Santander has raised $8.1 billion by selling new shares to expand Brazilian operations. It's the world's biggest initial public offering this year, and Brazil's biggest ever.

In an effort to expand its Latin American operations, the bank sold shares in Banco Santander (Brasil) SA, in the United States and Brazil, where the offering was that country's biggest offering ever.

American Depository Receipts trading in New York fell 35 cents, or 2.6 per cent, to $13.05 in midday trading.

Francis Gaskins, president of IPOdesktop.com, said the initial weakness in the U.S. trading is probably because the bank priced shares in Brazil and didn't offer the customary discount on what was essentially a secondary offering in the United States.