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Panamericano Slams Brazil Mid-Cap Banks

Nov 11, 2010

Bonds and shares of Brazil’s Banco Panamericano fell in the day following the announcement of a BRL2.5bn injection from its controlling shareholder to cover losses coming from accounting irregularities and of the replacement of management. The wider implications for the Brazilian mid-sized banking sector, though, still remained to be seen. Panamericano shares dropped 30%...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management