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Banco Pan looks into possible share offering to increase free float

Banco Pan SA is evaluating a potential share offering as an option to ensure that it meets the required percentage of free-float shares, the bank said in a filing.

The Brazilian company noted that there is no corporate approval or definition of terms or conditions for any possible transaction yet.

Banco Pan currently floats 16.6% of its outstanding shares in the market. However, it is listed under level 1 of stock exchange B3 SA's corporate governance standards, which requires a 25% minimum free float.

Caixa Econômica Federal, which owns a 41.7% stake in Banco Pan, is reportedly looking into selling its shares in the bank. Meanwhile, Banco Pan had reportedly begun to introduce measures to cushion against an eventual exit of Caixa as a shareholder.

Shares of Banco Pan were up 14.60% as of 4:56 p.m. in Brazil on Aug. 6.