Brazilian investment bank BTG Pactual has reached a deal to purchase 100% of Luxembourg-based FIS Privatbank in a deal valued at $23m.
Controlled by Austrian investor and entrepreneur Alexander Schütz, FIS Privatbank has been operating in Luxembourg for nearly 30 years.
The private bank specialises in wealth management, asset management and financing activities.
At the end of last year, FIS Privatbank handled nearly €500m on behalf of over 300 clients, which included high net worth individuals (HNWIs), family offices, and institutional investors.
The latest deal, which is subject to regulatory approval, is expected to be completed over the upcoming months.
It comes after the bank introduced an investment platform in Chile to strengthen its global presence.
BTG Pactual CEO Roberto Sallouti said: “The acquisition of FIS is a milestone for BTG Pactual’s strategy in Europe and a strategic investment decision.
“Operating a bank in Luxembourg will enable us to serve all our clients’ needs in the region, fostering the activities of our European offices in Portugal, Spain (which is currently under regulatory approval), and the UK. We will offer a full suite of products and services to our European client base and to Latin Americans aiming to diversify their investment portfolios in developed countries.
“Being in Luxembourg will be a key element to bolster those activities, attract new clients and serve them with the same dedication that we do in our home markets.”
Currently, BTG Pactual has a workforce of over 6,000 people in offices across Brazil, Chile, Argentina, Colombia, Peru, Mexico, United States, Portugal, and the UK.
With $86bn of assets in total, the bank is said to oversee more than $240bn of assets for clients across the globe.