PanAmericano têm vantagens acima da média, diz Santander


O banco PanAmericano possui, hoje, vantagens que o colocam acima da média dos bancos médios brasileiros, diz um relatório do banco Santander. A principal delas é o fato de a instituição contar com acionistas de peso (o BTG Pactual e a Caixa Econômica Federal). O BTG adquiriu 3 bilhões de reais em carteiras de créditos durante o primeiro trimestre de 2011, o que proporcionou uma liquidez extra para o caixa do PanAmericano, segundo os analistas do Santander. Já a Caixa se comprometeu a financiar o banco em 10 bilhões de reais nos próximos oito anos, divididos em 2 bilhões de reais em empréstimos interbancários e 8 bilhões de reais em aquisições de carteiras de crédito. “É uma estrutura de financiamento exclusivo: mais barato, a longo prazo, e menos volátil – um sonho que se realiza para um banco médio”, diz o Santander.

Outro ponto positivo para o PanAmericano, segundo o Santander, é o potencial de sinergias com a Caixa, que deverá ajudar o banco a diversificar sua atuação no mercado de empréstimos. O objetivo é se consolidar em financiamentos de veículos e crescer no setor de crédito consignado e em linhas para pequenas e médias empresas. Se isso de fato ocorrer, projetam os analistas, o banco poderá ter uma carteira de crédito de 35 bilhões de reais nos próximos quatro anos, mais que o triplo da atual.

O Santander, no entanto, faz duas ressalvas: o Índice de Basileia do banco – de 12% – está abaixo da média do setor, o que significa que o banco deverá aumentar a sua capitalização para se enquadrar nas exigências da Basileia III. Mesmo assim, os analistas do Santander recomendam a compra das ações do PanAmericano.

Depois de uma queda de 30% nas ações do PanAmericano em 2010, depois de ser descoberto um rombo de quase 4 bilhões de reais no seu balanço, os papéis do banco valorizaram 39% em 2011 – a quinta maior alta da bolsa -, enquanto o Ibovespa caiu 20% no mesmo período.

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Publicado em 14/09/2011, em Destaque Brasil, Economia & Negócios e marcado como , , , , , , , , . Adicione o link aos favoritos. Deixe um comentário.

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