In February, BTG Pactual, the Brazilian independent investment bank, acquired a controlling stake in Banco PanAmericano, the country’s largest provider of used-car loans, which is at the centre of one of the biggest scandals to hit Brazil’s asset management industry.
BTG, which is controlled by Andre Esteves, Brazil’s youngest self-made billionaire, is not paying any cash for the 38% stake – which includes 51% of voting rights – but will assume R$3.8 billion ($2.3 billion) of debt to cover the bank’s losses, according to the federal deposit insurance fund.
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