| Type | Sociedade Anônima |
|---|---|
| Traded as | BM&F Bovespa:BPNM4 |
| Industry | Financial Services |
| Founded | (1969) |
| Headquarters | São Paulo, Brazil |
| Key people | Jorge Fontes Hereda, (Chairman) José Luiz Arcar Pedro, (CEO) |
| Products | Banking |
| Revenue | US$ 872.2 Million (2010) [1] |
| Net income | US$ 98.3 Million (2010) |
| Total assets | US$ 6.6 Billion (2011) |
| Employees | 378 |
| Parent | BTG Pactual Caixa Econômica Federal |
| Website | www.panamericano.com.br |
PanAmericano (BM&F Bovespa:BPNM4) is a Brazilian midsize commercial bank focused on grating consumer loans to individuals of lower to medium income brackets, such as consumer loans, payroll deduction loans, credit cards branded as Visa or Mastercard, insurance products, leasing, and group financial activities.
PanAmericano was founded in 1969 when Grupo Silvio Santos, owned by billionaire media-man Silvio Santos puchased the Banco Real Sul and renamed to PanAmericano. Has operated as a multi-service bank since 1991, having started 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 Panamericano S.A. has been operating with payroll deduction loans since 2002. In 2009 the second largest Brazilian state-owned bank Caixa Econômica Federal, bought part of the bank's shares of Grupo Silvio Santos to become the second largest shareholder of the institution.
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On November 8, 2010, Silvio Santos, announces loan of 2.5 billion reais (1.4 billion dollars) to cover an accounting fraud at cash bank Panamericano. Loan by the Credit Guarantee Fund and secured by assets of the business assets of Grupo Silvio Santos, it was necessary to restore full balance sheet because the bank continued to accounting for credit portfolios have been sold to other financial institutions, thus falsifying assets.
On January 29, 2010, the Brazilian newspaper Folha de São Paulo, announcied that the shortfall of the bank was of 4.0 billion reais (2.3 billion dollars). In this situation, Silvio Santos sold the shares that Grupo Silvio Santos had in the bank to BTG Pactual. The bussineman did not received any value in return, as the BTG Pactual and Caixa Economica Federal assumed all the acumuled.
Currently the bank heaquartered in São Paulo is one of the largest midsize banks in Brazil, and has many competitors, as Daycoval, BicBanco, Banco Cruzeiro do Sul, and others.