September 20, 2019 / 12:05 AM / 8 months ago

Brazil's Banco Pan sets price per share in follow-on at 8.25 reais - sources

SAO PAULO/BRASILIA, Sept 19 (Reuters) - Brazilian lender Banco Pan SA priced on Thursday its preferred shares at 8.25 reais ($1.98) in a share offering, three sources with knowledge of the matter said.

Both the bank and one of its shareholders sold shares. Banco Pan intends to use the proceeds to strengthen its business, mainly its loan book, the company has said.

Caixa Economica Federal, which partially sold its stake and controls the mid-sized bank jointly with Banco BTG Pactual SA , wanted to reduce its stake as part of a larger strategy of selling non-core businesses, according to the state-owned lender.

($1 = 4.17 reais)

Reporting by Carolina Mandl and Marcela Ayres Editing by Shri Navaratnam

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