BTG Is Close to Announcing New York Bank Acquisition
(Bloomberg) -- Banco BTG Pactual SA, the biggest independent investment bank in Latin America, is close to announcing the acquisition of a wealth-management bank in New York as part of a global expansion, according to people familiar with the matter.
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The target couldn’t immediately be determined, but it would be used as a hub for private banking and wealth management as well as corporate and investment banking, according to the people, who asked not to be identified because the talks are private. The plan is to inject $300 million to $350 million into the bank after the takeover is completed, the people said.
BTG didn’t immediately reply to a message seeking comment.
The Brazilian bank completed the 21.3 million-euro ($23.2 million) acquisition of FIS Privatbank in Luxembourg in September, and previously opened an office in Madrid. The company also has outlets in world capitals including Lisbon, London and Riyadh.
Sao Paulo-based BTG already has an office in New York and a broker-dealer in the US, along with wealth-management businesses in cities including Miami, but is looking to expand the types of products it can offer customers who already trust the firm, Rogerio Pessoa, the BTG partner responsible for the wealth-management and private-banking businesses, said in an interview last year.
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