August 13, 2019 / 1:36 PM / 4 days ago

Brazil's Banco Pan hires banks for share offering of up to $376 mln

SAO PAULO, Aug 13 (Reuters) - Brazilian lender Banco Pan SA has hired four investment banks to manage a share offering valued at as much as 1.5 billion reais ($376.43 million), two sources with knowledge of the matter said on Tuesday.

The investment banking units of Banco BTG Pactual SA, Caixa Econômica Federal, Banco Santander Brasil SA and Morgan Stanley will manage the offering.

Shares in Banco Pan have gained nearly sixfold this year as the bank reshapes its business.

Pan aims to raise capital by issuing new shares, and Caixa Econômica Federal, which controls Banco Pan jointly with BTG Pactual, has said it is also considering a partial sale of its stake.

The proceeds would be devoted to Pan's plan to become a full-service bank for low income clients, expanding its portfolio beyond longtime specialties of auto and payroll loans.

Although Pan aims to raise 1.5 billion reais in the offering, that amount may still change as Caixa has not yet decided on the amount of shares it will sell.

The share offering also comes as BTG Pactual intends to boost its retail businesses and launch a full-service digital retail bank to be led by former Telecom Italia (TIM) Chief Executive Amos Genish.

Banco Pan's second-quarter profit soared 179% from a year earlier to 117.7 million reais, as its loan book expanded at a fast pace.

BTG, Banco Pan and Caixa did not immediately respond to a Reuters request for comments on the deal.

$1 = 3.9848 reais Reporting by Carolina Mandl and Tatiana Bautzer; Editing by Bernadette Baum

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