Santander's U.S. consumer unit files for IPO

|By:, SA News Editor

Santander Consumer USA (SCUSA) - the U.S. consumer lender subsidiary of Banco Santander (SAN -0.6%) - files to raise up to $1.56B in an IPO, offering 65.2M shares at an expected range of $22-$24.

Following the IPO, the company plans a quarterly dividend of $0.15 per share, an annualized yield of 2.6% at the midpoint of the offering range.

The stock symbol will be "SC."