June 14, 2019 / 11:24 AM / in a year

Brazil's Banco Pan considers share offering- paper

SAO PAULO, June 14 (Reuters) - Brazil's Banco Pan SA is considering a secondary share offering, newspaper Valor Economico reported on Friday.

According to the paper, the bank is considering an offering in which state-owned bank Caixa Economica Federal would reduce its 36.5% stake in the bank. Another partner in the bank is Banco BTG Pactual SA

Banco Pan would also sell new shares and raise capital and the share offering could reach 650 million reais ($169 million), the paper reported.

Banco Pan declined to comment on the matter, while Caixa Economica Federal and BTG Pactual did not immediately comment.

$1 = 3.8492 reais Reporting by Tatiana Bautzer Editing by Chizu Nomiyama

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