Banco Santander SA, Spain's largest bank, filed to raise as much as $3 billion in a U.S. initial public offering of its Mexican unit.

Grupo Financiero Santander Mexico SAB is offering 235.1 million American depositary receipts at $10.99 to $12.70 each, according to a regulatory filing today. The unit plans to list on the New York Stock Exchange under the symbol BSMX.

Santander's Mexican unit, the nation's fourth-largest lender by outstanding loans, seeks to gain market share by focusing on lending to small businesses and targeting the consumer and mortgage markets, according to the prospectus.

Santander had sought to raise as much as $4 billion in a record Mexican IPO, two people familiar with the matter said last month. Santander, UBS AG, Deutsche Bank AG and Bank of America Corp. will be global coordinators on the sale, according to the filings.

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