Banco Pan’s unlikely transformation into a force in digital retail banking in Brazil began in 2010 with a $1.4 billion accounting fraud. The owner, Silvio Santos, a well-known media figure in Brazil, was forced to offload the bank (then called Banco Panamericano and specializing in car financing) to a partnership of state-owned Caixa Economica and investment bank BTG Pactual.
It seemed an odd move by BTG Pactual at the time, pre-dating by many years the bank’s decision to enter retail banking through a digital platform.
The bank was stabilized by the two new owners, but it wasn’t until the power of digital banking became evident that it was re-launched as Banco Pan – a full service digital bank targeting the lower socio-economic income groups.
Caixa has now divested and BTG Pactual runs the show, with 71.7%