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Banco Pan to absorb mortgage unit

Banco Pan SA said June 12 that its board approved a plan that will merge its Brazilian Mortgages Companhia Hipotecaria unit into the bank.

The Brazilian bank said that the merger, which aims to streamline its corporate structure, will not carry any relevant costs.

Brazilian Mortgages' shareholder equity stood at 111.8 million Brazilian reais at year end 2016, a fraction of Banco Pan's shareholder equity of 3.41 billion reais.

Earlier in the year, Banco Pan shuttered its securities and real estate financing units, which at the time spurred speculation that the company could also alter the operations of Brazilian Mortgages.

As of June 9, US$1 was equivalent to 3.27 Brazilian reais.