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Banco Pan calls extraordinary meeting to remove former Caixa CEO from board

Banco Pan SA said it has called an extraordinary general meeting on April 4 to vote on the removal of Gilberto Magalhães Occhi and Osvaldo Garcia from its board of directors.

Occhi was the CEO of Caixa Econômica Federal before being appointed Brazil's health minister in 2018. He is also a former chairman of Banco Pan, stepping down from that role last year but retaining a seat on the bank's board.

Garcia, meanwhile, is a former president of Caixa Econômica Federal unit Caixa Participações SA. Caixa Economica Federal and BTG Pactual Group are the two biggest shareholders of Banco Pan, according to S&P Global Market Intelligence data.

Both Occhi and Garcia are linked to Brazil's Progressistas, or PP, political party, Valor Econômico reported.