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%.