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SAO PAULO, Oct 13 (Reuters) - Banco Pan SA, the Brazilian lender jointly controlled by Caixa Econômica Federal and Grupo BTG Pactual SA, approved on Monday a capital increase of up to 1.5 billion reais ($627 million) and the creation of a new class of shares that could be repurchased from investors within five years.
In a securities filing, the São Paulo-based lender, which specializes in consumer lending, said the plan will help it expand following a government-sponsored takeover and to slash funding costs. The new class of shares, which are non voting, redeemable stock, will be issued at a price of 30.08 reais each, the filing added.
$1 = 2.3930 Brazilian real Reporting by Guillermo Parra-Bernal; Editing by David Gregorio