Caixa Participações SA is exercising its right to acquire 50% of the Banco Pan SA shares that were subscribed by Banco BTG Pactual SA in Banco Pan's previous capital hike of 400 million Brazilian reais.
Caixa Participações and BTG Pactual are co-controllers of Banco Pan who renewed their shareholders' agreement in early 2018 for a period of eight years.
After the necessary approvals for the share purchase are obtained, Caixa Participações and BTG Pactual will each hold a 41.7% stake in Banco Pan, with minority shareholders owning the remaining 16.6%, according to a press release.
Banco Pan announced the capital increase in November 2017. The offering of 122,530,888 common shares and 90,235,070 preferred shares at 1.88 reais apiece was fully subscribed.
As of March 13, US$1 was equivalent to 3.83 Brazilian reais.