Brazilian wealth manager and investment bank,
BTG Pactual, is to merge with Chilean financial service company
Celfin Capital.
BTG Pactual, the bank created by former UBS
executives in Brazil, will pay $245m in cash and will give Celfin’s
partners a 2.4% share of its capital.
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After the merger, BTG Pactual’s Wealth
Management division will have $28bn in assets under management,
including $5bn in AuM from Celfin Capital.
“We want to be a reference for high net worth
individuals with interest or business in Latin America” CEO of BTG
Pactual André Esteves said.
The deal is aimed to help BTG Pactual create
Latin America’s leading investment bank. It is still subject to
regulatory approvals.
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