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April 7, 2008 |
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BANCO PANAMERICANO: UBS Pactual Puts Buy Recommendation on Firm Investment bank UBS Pactual has assigned a 'buy' recommendation on Banco Panamericano's shares, Business News Americas reports. BNamericas relates that UBS Pactual placed a one-year target price of BRL12.00 per share on Banco Panamericano. According to BNamericas, Banco Panamericano raised some BRL700 million from its December 2007 debut on the Sao Paulo stock exchange Bovespa, pricing 70 million shares at BRL10 each. Since then Banco Panamericano shares have traded below the initial public offering price. UBS Pactual told BNamericas that the increase of employment in Brazil will prop up consumer credit growth in the mid-term, benefiting a consumer finance banks like Banco Panamericano. Analyst Bruno Pereira said in a report, "We view Panamericano as well positioned to benefit from increased consumer credit penetration with a diversified product offering and expertise in low income credit." Banco Panamericano expects to increase its loan book to BRL8.60 billion by year-end, compared to BRL7.09 billion at the end of 2007, BNamericas states. Banco PanAmericano is headquartered in Sao Paulo, Brazil and had total assets of BRL2.54 billion and equity of BRL413 million in March 2006. * * * In March 2008, Moody's Investors Service assigned a Ba2 global local-currency deposit rating on Banco Panamericano S.A. Moody's also assigned a Ba2 foreign currency deposit rating on the bank. |
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