Banco Santander Brazil is to invest 450 million Brazilian reals ($243 million) in developing a new technology and data centre in Sao Paulo.
The new information technology hub is expected to be built in the city of Campinas and is part of an expansion plan for the Spanish financial institution within the region.
Work on the structure is due to be completed by the first quarter of 2012.
According to Reuters, the move is one of six acquisitions the bank has made within the region during the last 12 years.
Previous takeovers undertaken by Santander in the territory include the acquisition of Banespa, Sao Paulo’s state bank, in 2000 for seven billion reals.
The financial institution also acquired the Brazilian unit of ABN Amro's Banco Real in 2008.
Santander’s move was part of its joint €70 billion euro bid for the Dutch company in collaboration with the Royal Bank of Scotland.
Meanwhile, Banco Santander recently agreed to acquire a 24.9 per cent stake in Santander Mexico from Bank of America for $2.5 billion.
By Jim Ottewill