Davis Polk advised Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander México (“Banco Santander (México)”), a sociedad anónima organized under the laws of Mexico, in connection with its offering of $1.3 billion aggregate principal amount of 5.950% Tier 2 subordinated preferred capital notes due 2028 at an issue price of 100.000%. The notes were offered pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933. The notes are intended to qualify as Tier 2 capital for Mexican regulatory purposes.

Banco Santander (México) is the second-largest bank in Mexico based on total assets and the third-largest bank in Mexico based on total loans, deposits and net income as of June 30, 2018. Banco Santander (México) provides a wide range of financial and related services, principally in Mexico, including retail and commercial banking and securities underwriting. Banco Santander (México) is part of the Santander Group, one of the largest financial groups in the world in terms of market capitalization.

The Davis Polk corporate team included partner Nicholas A. Kronfeld and associates Hillary A. Coleman, Pedro J. Bermeo and Grecia Barboza. Partner Rachel D. Kleinberg and associate Christina L. Tacoronti provided tax advice. Associate Sijia Cai provided 1940 Act advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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