Troubled Panamericano May be Sold

Nov 15, 2010

Banco Panamericano could be sold by its controlling shareholder, Grupo Silvio Santos, according to bankers away from the deal. Panamericano, a mid-size Brazilian bank, was rescued last week by Santos with a BRL2.5bn capital injection following the discovery of “inconsistencies . . . that do not allow the financial statements to reflect the entity’s true state of assets,” according to the bank. The bank is now under criminal investigation, the Brazilian federal prosecutor’s Sao Paulo...

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

Jan Dehn, Ashmore Investment Management