Madrid  - Spain's biggest bank, Banco Santander, plans to raise up to 4.93 billion euros (7.2 billion dollars) by shares in its Brazilian unit on the Brazilian and New York stock exchanges next month, the bank said Monday.

Santander will sell 16.21 per cent of the unit's current capital, or 525 million units or share deposit certificates at 20 to 25 reais (8.14 to 9.25 euros) in Brazil starting October 8, the bank told the stock market watchdog CNMV.

Each unit will represent 55 common shares and 50 preferred shares.

One day earlier, the units will start trading in New York as American depositary receipts.

There will also be a so-called green shoe option to sell additional shares if there is demand.

Santander plans to open 600 new offices in southern and south-eastern Brazil over the next four years, increasing its network there by 30 per cent, the bank said.

Part of the capital increase will be used to finance infrastructure, such as offices and bank tellers, and credit operations in the Latin American country. (dpa)