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Cade approves Caixa Participações stake increase in Banco Pan

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Cade approves Caixa Participações stake increase in Banco Pan

Brazilian competition regulator Cade approved, without restrictions, Caixa Participações SA's acquisition of Banco Pan SA shares held by Banco BTG Pactual SA, according to a statement published in Brazil's official gazette.

Caixa Participações said in March that it is exercising its right to acquire 50% of Banco Pan shares that were subscribed by BTG Pactual in a previous capital hike. Caixa Participações and BTG Pactual are co-controllers of the bank who renewed their shareholders' agreement in early 2018 for a period of eight years.

After the necessary approvals, Caixa Participações and BTG Pactual will each hold a 41.7% stake in Banco Pan, with minority shareholders owning the remaining 16.6%.