[1] He was born in a Greek family[1] in Ottoman Korce, present-day southern Albania.

[1] In 1889–88 he donated a significant amount of money for the maintenance and expansion of the Greek schools in his home city Korce, where he also established new libraries and donated a huge amount of educational material at his personal expense.

While living in Athens, he built a luxurious mansion, designed by the German architect Ernst Ziller, at the center of the Greek capital (on Omonoia square) as well as a second manor, also designed by Ziller, adjacent to his home.

Greek prime minister Charilaos Trikoupis personally noted the significance of Pangas's philanthropy.

The latter came to be known as the "Pangeion" or "Bangeion" or "Baggeion" (Greek: Μπάγκειον) and has been used to house universities and other educational institutions.