Brazilian investment bank BTG Pactual has completed the acquisition of BSI, the Swiss private-banking unit of Italian insurer Assicurazioni Generali.

The completion of the deal follows receipt of regulatory approvals from the Swiss Financial Market Supervisory Authority (FINMA) and the Brazilian Central Bank.

The acquisition will create a global private banking franchise, which will manage $186.5bn in assets under management (AUM) and employ 5,400 employees across 29 countries worldwide.

Following the deal, BSI will continue to operate under the BSI brand as an independent Swiss Private Bank as well as become BTG’s global wealth management and private bank platform.

As part of the deal, Alfredo Gysi will step down as chairman of the board of BSI, while Joseph Rickenbacher will become BSI’s new chairman.

BTG Pactual CFO Marcelo Kalim said: “The acquisition of BSI is complementary to BTG Pactual´s existing business and creates a further diversified and global platform. The combination of the two banks will offer a wide range of international products and services tailored to clients’ needs.”

BTG Pactual partner and member of the group executive board of BSI Renato Cohn said: “We believe our partnership will be a winning combination for clients, employees, counterparties and shareholders.”