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Silvio Santos Sells Banco Panamericano to BTG Amid Fraud Probe

Silvio Santos, the Brazilian television host and controlling shareholder of Banco Panamericano SA, agreed to sell his stake to Banco BTG Pactual SA, the investment bank run by billionaire Andre Esteves, amid speculation losses are growing.

BTG will pay 450 million reais ($270 million) for the Sao Paulo-based bank, a BTG official told reporters. The sale comes two months after the 80-year-old Santos bailed out Panamericano with a 2.5 billion reais loan as police began investigating allegations of accounting fraud.