Banco Pan, is a Brazilian midsize

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

headquartered in

São Paulo São Paulo (, ; Portuguese for 'Saint Paul') is the most populous city in Brazil, and is the capital of the state of São Paulo, the most populous and wealthiest Brazilian state, located in the country's Southeast Region. Listed by the GaWC a ...

. The bank main focus is granting consumer loans to individuals of lower to medium income brackets, such as consumer loans, payroll deduction loans, credit cards branded as Visa or MasterCard, insurance products, leasing, and group financial activities.

History

Banco Pan was founded in 1969 when

Grupo Silvio Santos Grupo Silvio Santos (Silvio Santos Group in English), is a Brazilian holding led by the Brazilian billionaire media-man Silvio Santos. The principal member of the holding is SBT, the second biggest network television in Brazil. The group also co ...

, owned by billionaire media-man

Silvio Santos Senor Abravanel, known professionally as Silvio Santos (Portuguese: /ˈsiwvju ˈsɐ̃tus/) (born December 12, 1930), is a Brazilian entrepreneur, media tycoon and television host. He is the owner of holdings that include SBT, the second largest ...

purchased the Banco Real Sul and renamed to PanAmericano. The bank has operated as a multi-service bank since 1991, having started its credit card operations in 1994 and leasing operations in 1998 through a subsidiary, Panamericano Arrendamento Mercantil. In 1999, the insurance company, Panamericano de Seguros was incorporated into the bank. Banco Pan has been operating with payroll deduction loans since 2002. In 2005 it came to public attention for large bonuses. In 2009 the second largest Brazilian state-owned bank

Caixa Econômica Federal Caixa Econômica Federal (, ''Federal Savings Bank''), also referred to as Caixa, is a state-owned Brazilian financial services company headquartered in Brasília, Brazil. It is the fourth largest banking institution in Brazil, as well as the ...

, bought part of the bank's shares of Grupo Silvio Santos to become the second largest shareholder of the institution.

Crisis of 2010

On November 8, 2010, Silvio Santos, announces loan of 2.5 billion reais (1.4 billion dollars) to cover an accounting fraud at cash Banco Pan. Loan by the Credit Guarantee Fund and secured by assets of the business assets of Grupo Silvio Santos, it was necessary to restore full balance sheet because the bank continued to accounting for credit portfolios have been sold to other financial institutions, thus falsifying assets.

Sale to BTG Pactual

On January 29, 2010, the Brazilian newspaper

Folha de S.Paulo ''Folha de S.Paulo'' (sometimes spelled ''Folha de São Paulo''), also known as simply ''Folha'' (, ''Sheet''), is a Brazilian daily newspaper founded in 1921 under the name ''Folha da Noite'' and published in São Paulo by the Folha da Manhã c ...

, announced that the shortfall of the bank was of 4.0 billion reals (2.3 billion dollars). In response Silvio Santos sold the shares that Grupo Silvio Santos had in the bank to

BTG Pactual BTG Pactual is a Brazilian financial company that operates in the markets of investment banking, wealth management, asset management, corporate lending and sales and trading. It offers advisory services in mergers and acquisitions, wealth planni ...

. The businessman did not receive any value in return, as the BTG Pactual and

Caixa Economica Federal Caixa may refer to: * a Brazilian snare drum * ''A Caixa'', a 1994 Portuguese comedy film directed by Manoel de Oliveira * Caixa Econômica Federal, also referred to as Caixa, a Brazilian bank * Caixa Geral de Depósitos, also referred to as Caix ...

assumed all the accumulated debt.

Operations

Currently the bank headquartered in

is one of the largest midsize banks in Brazil, and has many competitors, as Daycoval, BicBanco and others.

External links

Official Website

References

{{reflist Banks of Brazil Companies listed on B3 (stock exchange)