Silvio Santos May Sell Panamericano to Pay Loan
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Grupo Silvio Santos, majority shareholder of Banco Panamericano SA, may sell its stake to repay a 2.5 billion reais ($1.5 billion) loan from the nation’s deposit insurance fund taken out to rescue the lender, central bank President Henrique Meirelles said.
The rescue of Panamericano happened in an “extremely rapid” fashion and didn’t cost shareholders, other institutions or the government any money, Meirelles said in testimony today before Congress. The central bank said yesterday it’s investigating accounting irregularities at the lender.