Brazilian investment bank, BTG Pactual, is looking to sell off Swiss private bank, BSI, only three months after it received regulatory approval for the purchase.
The troubled bank is looking to raise liquidity after its former CEO, Andre Esteves, resigned following his arrest in relation to the ongoing Petrobras scandal.
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No details have been released regarding the potential size of the deal, or of any prospective buyers.
BTG completed the purchase of BSI in September for CHF1.5bn ($1.5bn), from Italian insurer Generali. The deal increased BTG’s employee base from 3,500 to 5,400, and created a group with $186.5bn of assets under management (AuM).
The bank had hired a number of heavyweight professionals in conjunction with the September deal, such as Reto Kunz as chief risk officer (veteran in risk consulting) and Yves Bonzon as CIO (banking veteran from Pictet).
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