The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

BTG extends its retail business with Banco Pan

State-owned Caixa Economica cashes out of its Pan investment with R$2 billion profit.

Caixa Economica Federal's headquarters in Brasilia. Photo: Reuters

BTG Pactual has taken a leap forward in its strategy to expand into retail banking with the buy-out of Caixa Economica Federal’s stake in Banco Pan – its partner in the bank since 2011.

BTG will pay R$3.7 billion for Caixa’s remaining 26.8% stake and 49.2% of voting capital.

The state bank, which also sold some of its stake in Pan in 2019, will register a profit of more than R$2 billion on the equity interest it took in the bank – then PanAmericano – in 2009, as it struggled with the fallout from an accounting fraud.

Caixa had planned to divest its ownership in Pan through a public listing, but the private sale provided a safer route out of its holding amid greater equity market volatility. BTG Pactual paid a premium of 10% over the April 1 share price.

Digital banking

BTG Pactual’s original decision to invest in PanAmericano – with the bank’s retail strategy to focus on the lower-income social groups – predated its move into retail banking, which it has achieved successfully in recent years through its BTG Pactual digital.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree