STD Banco Santander, S.A. Sponsored Adr (Spain)

Banco Santander SA (STD) chairman Emilio Botin said Monday that growing in Brazil is his bank's top priority and that the bank has no plans to sell its local unit, state-owned Spanish newswire EFE reported Monday.

At an event in Brasilia, Botin told EFE that Santander is "delighted" with its business in the country and will continue to invest there.

Local Brazilian papers in recent weeks reported that Santander was planning to sell a stake in the unit to a local competitor, something that Santander denied May 30.

Write to Christopher Bjork at christopher.bjork@dowjones.com