Spain’s Banco Santander said on Friday it will offer to buy the 8.3% stake in its Mexican unit it doesn’t already own, strengthening its grip on its Latin American businesses.

Santander is offering Banco Santander Mexico minority shareholders 24 Mexican pesos per share, representing a 24% premium on the March 25 closing price and a total of about 550 million euros ($648.01 million).

Santander expects to close the acquisition in the second or third quarter of this year and will then seek to delist the shares from the Mexican stock exchange.

The Spanish bank also said its overall revenue in the first quarter of 2021 was in line with the previous quarter and that it now expects a return on tangible equity of 10%.

Santander said it intends to return to its dividend payout ratio of 40% to 50% of ordinary earnings as soon as allowed to by regulators.

Read more at Reuters