Banco Pan, is a Brazilian midsize

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

headquartered in

São Paulo São Paulo (; ; Portuguese for 'Paul the Apostle, Saint Paul') is the capital of the São Paulo (state), state of São Paulo, as well as the List of cities in Brazil by population, most populous city in Brazil, the List of largest cities in the ...

. The bank primarily focuses on granting consumer loans to individuals in lower to medium income brackets. Its services include consumer loans, payroll deduction loans, credit cards branded as Visa or MasterCard, insurance products, leasing, and group financial activities.

History

Banco Pan was founded in 1969 when Grupo Silvio Santos, owned by billionaire media-man

Silvio Santos Senor Abravanel (; 12 December 1930 – 17 August 2024), known professionally as Silvio Santos, was a Brazilian television presenter and business magnate. Widely regarded as the greatest personality in Television in Brazil, Brazilian television, ...

, purchased the Banco Real Sul and renamed it PanAmericano. The bank has operated as a multi-service bank since 1991, starting its credit card operations in 1994 and leasing operations in 1998 through a subsidiary, Panamericano Arrendamento Mercantil. In 1999, the insurance company, Panamericano de Seguros was incorporated into the bank. Banco Pan has been offering payroll deduction loans since 2002. In 2005 it garnered public attention for large bonuses. In 2009,

Caixa Econômica Federal The Caixa Econômica Federal (, ''Federal Savings Bank''), also referred to as Caixa or CEF, is a state-owned Brazilian financial services company headquartered in Brasília, Brazil. It is the fourth largest banking institution in Brazil, as ...

, the second largest Brazilian state-owned bank, bought part of the Grupo Silvio Santos shares becoming the second largest shareholder of the institution.

Crisis of 2010

On November 8, 2010, Silvio Santos, announced a loan of 2.5 billion reais (1.4 billion dollars) to cover an accounting fraud at Banco Pan. The loan provided by the Credit Guarantee Fund and secured by assets of the business assets of Grupo Silvio Santos, was necessary to restore the full balance sheet. The bank had continued to account for credit portfolios that had been sold to other financial institutions, thus falsifying assets.

Sale to BTG Pactual

On January 29, 2010, the Brazilian newspaper Folha de S.Paulo, announced that the shortfall of the bank was of 4.0 billion reals (2.3 billion dollars). In response Silvio Santos sold Grupo Silvio Santos's shares in the bank to

BTG Pactual BTG Pactual is a Brazilian financial company that operates in the markets of investment banking, wealth management, asset management, corporate lending and sales and trading. It offers advisory services in mergers and acquisitions, wealth pla ...

. The businessman did not receive any compensation, as BTG Pactual and Caixa Economica Federal assumed all the accumulated debt.

Operations

Currently headquartered in

, Banco Pan is one of the largest midsize banks in Brazil. It competes with other midsize banks such as Daycoval and BicBanco.

External links

Official Website

References

{{reflist Banks of Brazil Companies listed on B3 (stock exchange)