Banco Pan picks banks for share sale

Banco Pan picks banks for share sale

Equity Capital Markets Brazil

Brazil's Banco Pan said it has picked four investment banks to underwrite a possible share sale on the B3 stock exchange in São Paulo. The bank said it wants to increase its free float and has hired BTG Pactual, Caixa Econômica Federal, Morgan Stanley and Santander to coordinate the offering. BTG Pactual and Caixa are shareholders in Banco Pan with 41.7% each. The remaining 16.6% trades on the B3. Caixa has said it could sell part of its stake in Banco Pan, although it acquired more shares in th

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