The story
Founded by Silvio Santos in 1969.1
Banco Pan was founded in 1969 when Grupo Silvio Santos, owned by billionaire media-man Silvio Santos, 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 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. The businessman did not receive any compensation, as BTG Pactual and Caixa Economica Federal assumed all the accumulated debt.
From Wikipedia’s article on Banco Pan, shared under CC BY-SA 4.0.5