In May 2011, BTG Pactual acquired all the shares of PAN held by Grupo Sílvio Santos, sharing control of PAN with Caixapar through the Company‘s Shareholders‘ Agreement.
Also in 2011, the first Operational and Commercial Cooperation Agreements were signed in order to reaffirm the commitment to strategic partnership between the controlling shareholders and the Company, as well as complementarity and alignment of interests among the three institutions. From the proposed measures, with direct influence on PAN‘s capital structure and liquidity, we highlight: (i) Caixa‘s commitment to acquire the PAN‘s credits, without recourse, whenever PAN makes them available; and (ii) liquidity reinforcement, by interbank deposit agreements or similar operations conducted with both controllers. These are long-term operations, which will be updated, giving the Bank funding alternatives at competitive cost.
The strategic redirection in all the Company‘s business lines was aimed to restructure, expand and diversify its businesses with internal improvements and to incorporate new teams and platforms.
This strategy, which has already been consolidated, included the renovation and training of the team, Corporate Governance strengthening, revision of credit granting processes, systems and controls implementation, in addition to the change of the Company‘s Corporate Brand and Corporate Name, which was renamed Banco Pan S.A. (preferred share Ticker: BPAN4), and the definition of the following operating segments: (i) payroll loans; (ii) vehicle financing; (iii) credit cards; (vi) payroll loans cards; (v) consortium and (vi) insurance.
In order to establish the structure and enhance PAN‘s capital to develop its growth strategy, three capital increases were held in 2012, 2014 and 2018, amounting to R$1.8 billion, R$1.3 billion and R$400 millions respectively.
On December 2014, the Company sold its equity interests in PAN Seguros S.A. (“PAN Seguros”) and Panamericano Administração e Corretagem de Seguros e Previdência Privada Ltda (“PAN Corretora”). PAN signed an insurance distribution agreement, receiving revenue for this service.