MADRID -- Santander, Spain's biggest bank, said on Monday it expected to earn up to 4.9 billion euros (7.2 billion dollars) when it offers investors a 16.21-percent stake in its Brazilian operations.

Santander said in a statement it would offer up 525 million units, each comprising 55 ordinary shares and 50 preference shares, equal in total to 16.21 percent of Banco Santander Brasil.

Priced at 22 to 25 reals per unit, the sale could bring in up to 13.13 billion reals (4.93 billion euros).

The final offer price will be fixed on October 6, with the shares to start trading in New York on October 7 and in Brazil on October 8, Santander said.

Earlier this month, Santander said it expected to open another 600 branches in Brazil by 2013, adding to its current network of 2,091.

In mid-morning Madrid trade, Santander shares were down nearly one percent while the broader market fell 0.64 percent.

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