Brazilian Bank Gets Emergency Injection

The Silvio Santos Group, controlling shareholder of Brazil’s Banco Panamericano, has injected BRL2.5bn into the mid-sized bank, Panamericano says. The funds are aimed to increase the liquidity of the bank and to preserve its current capitalization level after “inconsistencies were established that do not allow the financial statements to reflect the entity’s true state of assets,” the bank says. With the extra cash, the bank says adjustments it is making to financial statements will not lead to a net reduction in assets. Panamericano shares closed down 6.80% Tuesday at BRL6.77.