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Caixa Participações acquires Banco Pan shares through call option

Caixa Participações SA has acquired 61,265,444 common shares and 40,117,307 preferred shares of Banco Pan SA, according to a statement.

The move comes after Caixa decided to exercise a call option to acquire 50% of the Banco Pan shares that were subscribed by Banco BTG Pactual SA in a previous Banco Pan capital hike of 400 million Brazilian reais.

Caixa Participações and BTG Pactual are co-controllers of Banco Pan and renewed their shareholders' agreement in early 2018 for a period of eight years.

Once the exercise of the call option and a Banco Pan share offering in September are approved by the central bank, BTG will hold a 39.523% stake in Banco Pan while Caixa will hold a 34.275% stake, Pan said in a separate filing.

As of Dec. 25, US$1 was equivalent to 4.08 Brazilian reais.