Banco Santander (Brasil) SA shares started trade at $13.30 on the New York Stock Exchange, or 1 percent below its IPO price.
On Tuesday, the bank, the Brazilian unit of Spanish bank Santander SA raised $8.05 billion in its initial public offering, the largest ever by a Brazilian company and the largest globally in 2009. It sold 600 million units for 23.50 reais apiece.
Banco Santander (Brasil) SA is listing the units in the form of American depositary shares (ADSs) on the New York Stock Exchange under the symbol BSBR and in Sao Paulo under the symbol SANB11.
(Reporting by Phil Wahba)