Brazil's Banco Panamericano approves $675 mln capitalization

RIO DE JANEIRO, June 13 Fri Jun 13, 2014 7:15pm EDT

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RIO DE JANEIRO, June 13 (Reuters) - The board of Brazil's Banco Panamericano has approved a capital increase of up to 1.5 billion reais ($675 million), according to a securities filing Friday.

The increase, the filing said, would be accomplished by issuing up to 443.7 million new shares valued at 3.38 reais per share.

Shareholders Caixa Participacoes SA and Banco BTG Pactual SA have agreed to purchase at least 1.066 billion reais of the new shares. (Reporting by Alberto Alerigi; Editing by Lisa Shumaker)

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