The latest announcement came as Santander seeks to move ahead with its plans to delist its Mexican unit from the market. The bank has seen faster growth in emerging economies over the past few years after low-interest rates in Europe have made banking less profitable.

Spain’s largest bank set up the offer price for Mexican shareholders at $1.35 per Series B share in Mexico and $6.76 for each American Depositary Share (ADS) listed in New York.

In 2022, Santander registered $10.47bn in attributable profits. The company currently has a total number of 3,915,388 shareholders distributed around the world. Around 24.2% were based in America, with the remaining 74.7% in Europe and 1.1% in other countries.

In March, the banking giant announced its plans to launch its digital lender Openbank in Mexico by 2024.

Santander will launch a repurchase trust when the Series B shares expire, allowing holders of outstanding shares to sell them to the trust for the same amount within a six-month period.