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Bond Market News
BTG Pactual to Acquire Remaining Stake in Banco Pan
October 15, 2025
Brazil’s BTG Pactual has made a binding offer to fully acquire Banco Pan, offering a 30% premium to minority shareholders. Banco Pan’s shares surged up to 28% after the announcement. Under the proposal, investors will receive one BTG unit for every 4.7 Banco Pan shares, and Pan will be delisted after being absorbed into BTG through Banco Sistema, a BTG vehicle. BTG recently raised its stake in Pan to 55.4%, continuing its push into retail banking. The deal aims to create a more diversified and efficient financial group, combining BTG’s investment banking strength with Pan’s retail business focused on low-income customers through vehicle and payroll loans. Analysts see the move as a “win-win”—simplifying BTG’s structure, boosting loan growth, and unlocking synergies in deposit and fee income generation. The transaction still requires shareholder and central bank approval and is expected to close in 2025.
BTG Pactual’s 5.75% 2030s traded stable at 101.39 yielding 5.37%.
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