Business

BTG Pactual buys Banco Pan from Caixa Econômica Federal for BRL 3.7 billion

BTG becomes the only controller of the Pan and starts to incorporate it in its digital expansion strategy

BTG Pactual compra Banco Pan
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  • Last year, BTG Pactual launched its retail-oriented digital bank, BTG +, offering free accounts and credit cards without fees, focusing on a more popular niche;
  • Banco Pan’s control complements BTG’s target audience diversification strategy.

The investment bank BTG Pactual announced the purchase of 100% of the shares of Banco Pan that belonged to Caixa Econômica Federal in an operation in the amount of BRL 3.7 billion (or BRL 11.42 per share), as disclosed by the three financial institutions in official communications.

As a result, Caixa completes the divestment process of Banco Pan and BTG, which already had co-control of the institution for more than a decade, becomes the sole controller of Pan and starts to incorporate it in its digital expansion strategy.

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Last year, BTG Pactual launched its retail-oriented digital bank, BTG +, offering free accounts and credit cards without fees, focusing on a more popular niche. Banco Pan’s control complements BTG’s target audience diversification strategy.

Caixa also informed that the closing of all divestment steps in Banco Pan will result in a profit of BRL 2.024 billion for Caixa and a reduction in the regulatory capital requirement. Caixa began selling its stake in Banco Pan in 2019, as a strategy for monetizing non-core assets.

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