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Banco PanAmericano simply had sold loan portfolios to the big Brazilian banks, being Bradesco, Banco do Brasil and Itau its largest clients. Together, the three banks held loan portfolios of R$ 2.8 billion from the bailed out institution, which until then belonged to the entrepreneur and presenter Silvio Santos. PanAmericano, however, informed the Central Bank (BC) that it had sold only R$673.7 million in credit portfolios – which is 24% of the real sum. The remainder appeared in its balance sheet, in a clear (fraudulent) move to inflate the bank’s assets. The ranking of the banks most exposed to the crisis in Banco PanAmericano was prepared by the Central Bank (BC) and is part of an audit report prepared by the government. 

Source: Valor

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