March 15, 2019 |
Brazil's Caixa Econômica Federal has decided to buy half of the shares available in a planned capital increase by the local lender Banco Pan.
The São Paulo-based mid-sized bank announced in August 2017 that it planned to raise BRL400m ($104m) from the sale of 213m shares for BRL1.88 each. At the time, BTG Pactual, Banco Pan's controlling shareholder, agreed to buy all the shares.
BTG Pactual owns 50.6% of Banco Pan, while Caixa owns 32.8% through its equity investments division Caixa Participaçõ
State-owned savings bank will bankroll half of a $104m capital increase by the Brazilian lender