| SAO PAULO
SAO PAULO The board of Brazil's Banco PanAmericano SA BPNM4.SA approved on Friday a capital increase of up to 3 billion reais ($1.3 billion) that will be carried out in two phases.
The first phase of the capital injections will come from the sale of 1.5 billion reais worth of common and preferred shares, Banco PanAmericano, which recently changed its name to BancoPan, said in a securities filing. Shareholders Caixa Econômica Federal and Grupo BTG Pactual SA (BBTG11.SA) agreed to subscribe 1.066 billion reais worth of shares in that phase.
An additional 1.5 billion reais will be raised through the sale of a new class of preferred stock, the filing added. BTG Pactual and Caixa will guarantee the issuance, the filing said.
(Reporting by Guillermo Parra-Bernal)