PAN BANK

Banco PAN (until May 15, 2013 it was called Banco PanAmericano is a Brazilian bank, headquartered in São Paulo, controlled by BTG Pactual and Caixa Econômica Federal. It operates in the areas of credit cards, payroll loans, vehicle financing, fixed income investments and digital banking.It also offers real estate and acquiring services, through acquisitions of companies with Brazilian Mortgages and Brazilian Securities.The bank has 60 service outlets, covering all capitals and main Brazilian cities.

The Silvio Santos Group took over the share control of Real Sul S/A, on February 21, 1969, a company that had been operating in the market since 1963 in São Caetano do Sul, and became Baú Financeira S/A.

In 1990, authorized to act as a multiple bank, it was renamed Banco PanAmericano S/A.

In December 2009, Caixa Econômica Federal (CEF) paid R$739.2 million to acquire part of PanAmericano bank. The state bank, through Caixa Participações SA (Caixapar), acquired just over a third of the financial institution's total capital. Caixa purchased 49% of the preferred shares, plus 20.69% of the common shares of PanAmericano. Considering both types of shares, Caixapar now holds 35.54% of the bank's total capital.

Sale to BTG Pactual group
On January 29, 2011, the Folha de S. Paulo newspaper announced that the hole in the bank was 4.1 billion reais (1.6 billion reais more than previously announced). In such a situation, Sílvio Santos sold Banco PanAmericano S/A to the BTG Pactual group. The businessman would not receive any amount in exchange, since the BTG Pactual group assumed all the accumulated debt. Sílvio Santos also said that the other companies in the Silvio Santos Group are no longer for sale. Contrary to this statement, on July 31, 2011, Magazine Luiza acquired Lojas do Baú Crediário.

The Banco PAN brand appears
On May 15, 2013, the bank's name changes to Banco PAN, which, according to the board, was a strategic change in order to streamline processes and increase the bank's efficiency. in a decision between Corinthians and Santos when the new logo appears on the shirts of the alvinegro paulistano, who was champion that day.

In the fourth quarter of 2013, the bank's net loss increased to R$182.9 million, a number higher than the 38.4 million losses in the same period in 2012. This result was mainly impacted by the adhesion to Refis, a debt negotiation program tax.

In March 2014 it was reported that the bank's shareholders (BTG Pactual and Caixa Econômica Federal) will jointly carry out a capital injection of around R$ 1.5 billion, to strengthen the bank's equity structure and be in a position to use the more than 2 billion reais in tax exemptions that the bank has in its equity, with this injection the bank's basel index will rise, allowing for an increase in the credit portfolio. On this point, the bank has operational agreements for credit assignment without recourse, which allows it to operate with low levels of this indicator.

In the first quarter of 2014, the bank's result was negative by 78.6 million reais due to the strategic decision to grant a lower volume of credit assignments without recourse. The contribution to be made by the bank's shareholders was approved by the board in an operation that injected approximately 3 billion reais added to the values of BTG and Caixapar, in addition to issuing more bank papers to the stock exchange. The bank also changed its trading ticker on Bovespa, having its preferred shares BPNM4 changed to BPAN4 as part of the brand's restructuring operation. These changes caused the rating agency Standard & Poor's to withdraw the bank's negative observation, maintaining its global rating as BB/B with a stable outlook.[citation needed] Despite these changes, the bank reported a negative consolidated result of 70 0.4 million in the second quarter and 69.7 million in the third. In the fourth quarter, the bank saw its negative result reversed thanks to the sale of PAN Seguros and PAN Corretora to its controlling shareholders, BTG Pactual and Caixa. The business was structured so that PAN could use the unit's structure. insurance companies, even though they no longer control the companies. This operation made the bank's result at the end of 2014 to evolve to a profit of 226.5 million reais.

With the consequences of the economic crisis that befell Brazil in 2015, Banco PAN closed the first quarter of the year with a net loss of 73.5 million, despite continuing to increase its credit portfolios. As of the second quarter of 2015, the bank focused on investing in credit assignments to other institutions in order to improve its financial performance. The results appeared in the second quarter of the same year with the achievement of 3.6 million profit. In the third quarter, this profit increased to 44.3 million. According to the institution's president, José Luis Acar, given the future uncertainties of the credit market, the bank chose to maintain a reduced credit portfolio, concentrating its efforts on the profit obtained from the transfer of contracts to other institutions. On November 30, 2015, the then president of BTG Pactual, André Esteves resigned from all his positions at BTG and in institutions related to the investment bank, which included the chair of vice president of Banco PAN's board of directors, days before he was arrested in one of the developments of Operation Lava-Jato conducted by the federal police, aiming to investigate irregularities in the contracts signed by Petrobras. In a statement, Banco PAN clarified that even with the resignation of one of its directors, the bank has almost zero credit exposure with the companies involved in the Lava Jato operation.

In November 2017, Banco Pan announced that José Luiz Acar Pedro will step down as president of the institution. The new president of the Pan will be Luiz Francisco Monteiro de Barros Neto, who currently holds the position of undersecretary for governance of the State-owned companies of the executive secretary of the Ministry of Finance.

In July 2019, the Bank carried out a rebranding and changed its logo and colors.

Shortly before Banco PAN offered a significant amount of preferred shares to the market, Luiz Francisco Monteiro de Barros Neto resigned as president. On August 30, 2019, the Bank informed the market that it accepted the waiver request. It was only then that the former CFO, Carlos Eduardo Guimarães, assumed the position of CEO of the institution. Position that occupies it until today.

Irregularities
2010 accounting fraud
and 2.5 billion reais to cover an accounting fraud at PanAmericano bank tellers. The loan, by the Credit Guarantee Fund and guaranteed by the Silvio Santos Group's corporate assets, was necessary to reestablish full equity balance because the bank continued to account for credit portfolios that had already been sold to other financial institutions, thus falsifying the assets.

2017 Conclave Operation
On April 19, 2017, the Federal Police launched Operation Conclave, with the objective of investigating the fraudulent acquisition of Banco Panamericano shares by Caixa Participações SA The investigation instituted investigates the responsibility of Caixa Econômica Federal (CEF) managers in the fraudulent management , in addition to investigating possible damages caused to account holders and customers. One of the lines of investigation aimed at the performance of public agents directly responsible for signing opinions, contracts and documents for the purchase and sale of Banco Panamericano shares by Caixapar, with the subsequent negotiation of Panamericano by Banco BTG Pactual S/A. The police were targeted by consultants hired to legitimize the business carried out and the entrepreneurs who contributed to the crimes investigated. Those investigated will be liable for fraudulent management.