Starting as a credit issue in the subprime segment of the U.S. mortgage market, the worst financial crisis since the Great Depression spread to almost the entire financial services industry and all corners of the globe. However, we believe that the worst of the global financial crisis is now probably behind us. Although non-U.S. banks are still dealing with liquidity and confidence challenges, governments have taken several steps to alleviate the sector, as banks are the lifeblood of the economy. Though the industry is in the process of adopting tougher measures to help prevent a recurrence of the global financial crisis and restore public confidence, we believe it would be a bit early to get involved with non-U.S. bank stocks, as the near term fundamental outlook remains weak -- asset quality is expected to continue to deteriorate as individuals and companies default on loans, and revenue growth should ...

Banco Santander, S.A. (STD) has raised $8.1 billion (14.1 billion Brazilian reals) in a record initial public offering (IPO) of its Brazilian operations as the bank seeks growth away from the ailing Spanish economy. The Brazilian arm sold 600 million shares for 23.50 reals ($13.43) per share, to the public through a concurrent offering in Brazil and New York. The price was in the middle of the expected range of 22 reals to 25 reals. Santander had initially filed to sell 525 million units, with each representing 55 common shares and 50 preferred shares, but the offering was increased by 75 million units to meet demand from investors. In the U.S., the new stock will trade on the Big Board under the ticker symbol "BSBR." Trading of the units will begin on the New York and Sao Paulo stock exchange begins today. The IPO ...