We advised Banco Santander on the offering of contingent convertible securities

Davis Polk advised Banco Santander, S.A. in connection with its SEC-registered offering of $1.5 billion aggregate liquidation preference of Series PREFSAN-18 7.250% non-step-up non-cumulative contingent convertible perpetual preferred Tier 1 securities.

Headquartered in Madrid, Banco Santander is a leading financial institution by market capitalization in the eurozone and operates globally through a network of subsidiaries across Spain, the United Kingdom, the United States and Brazil, as well as other European and Latin American countries.

The Davis Polk corporate team included partner Pedro J. Bermeo and counsel Lourenço Lopes-Sabino. The tax team included partner Kara L. Mungovan, counsel Dustin Plotnick and associate Seth Cole. Associates Gianmarco Dedós Capote and Eric Spiniello provided 1940 Act advice. Members of the Davis Polk team are based in the New York and São Paulo offices.

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