Reportedly, Silvio Santos is selling the stake in connection with irregularities found in the accounts of Banco Panamericano in loan portfolios.
BTG Pactual has also entered into an agreement with state-owned Caixa Economica Federal, the owner of 36.6% stake in PanAmericano, to buy out minority shareholders for R$4.89 per share.
BTG Pactual has also said that it will invest in interbank deposits with Banco Panamericano to acquire credit rights of Banco Panamericano’s transactions.
