The study, based on a survey of more than 6,000 businesses across Santander's nine core markets in Europe and the Americas (Argentina, Brazil, Chile, Mexico, Portugal, Spain, UK, Uruguay and US), shows that international trade remains firmly on businesses’ agendas, even as they adapt their operations to build greater resilience.

The improved exchange ratio is 0.4260 Banco Santander shares per Santander Brasil unit and 0.2130 per common or preferred share, before adjustments for dividends paid since 30 July.