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Awards for Excellence

Latin America’s best bank transformation 2021: Banco Pan

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.

Carlos Eduardo Guimarães PAN_400x225.jpg
Carlos Eduardo Guimarães
Photo: © Thiago Martins

Caixa has now divested and BTG Pactual runs the show, with 71.7%

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