Brazil's central bank approved Jan. 14 Banco Pan SA's capital increase worth 521.8 million reais, which would bring the lender's capital stock up to 4.18 billion reais.

According to Banco Pan's release, the newly issued preferred shares will be available to investors as of Jan. 20.

Banco Pan is co-controlled by Caixa Participações SA and Banco BTG Pactual SA. The banks renewed their shareholders' agreement in early 2018 for a period of eight years.

As of Jan. 15, US$1 was equivalent to 4.18 Brazilian reais.