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BTG Pactual is a Brazilian investment bank that resulted from the takeover of UBS Pactual by BTG in 2009. BTG Pactual is the largest independent investment bank in Latin America. It has experience in emerging markets. It has international offices in New York City, London and Hong Kong and is headquartered in São Paulo, with regional offices located in Rio de Janeiro, Belo Horizonte, Porto Alegre and Recife and operations in Chile, Peru and Colombia. The bank is listed in the stock exchanges of São Paulo and Amsterdam.

Operations

The bank operates in the areas of investment, asset management and wealth management. Currently the bank has participation in many companies such as:

Pactual

Pactual was founded in 1983 in Rio de Janeiro as a distributor of securities. In 1998 the institution consolidated its business as a full-service investment bank and became the leader in this segment two years later. In 2006, Huw Jenkins (Investment Bank CEO when UBS bought BTG and made Esteves hundreds of millions) led an effort at Swiss bank UBS to buy Pactual for $ 3.1 billion, forming the Brazilian subsidiary UBS Pactual. The deal was led by André Esteves, who sold his 30% stake in the bank, making him a billionaire. Jenkins now works for Esteves.

BTG Investments

BTG was born in 2008 as a global investment firm with over 100 professionals. The institution was founded by André Esteves (former Director of Fixed Income, Currencies and Commodities at UBS AG, the former president and CEO of UBS Latin America and former CEO of Banco Pactual), Persio Arida (former president of the Central Bank of Brazil), a group of former shareholders of Banco Pactual and UBS executives.

BTG Pactual

In 2009 BTG, led by André Esteves, bought UBS Pactual from UBS for US$ 2.5 billion (after André Esteves had sold it to UBS for US$ 3.1 billion)[1]. The smaller BTG, which managed assets of US$ 1.5 billion, bought a larger bank with US$ 57 billion in assets under management and total assets of US$ 14 billion. The bank was renamed BTG Pactual, a multinational financial institution, established in Brazil.

In 2012, BTG Pactual planned an IPO valuing the company at US$ 15Bn and the stakes of Esteves (US$ 5 Bn) and of 35 other senior partners (more than $150 million each). Ranking as likely the largest IPO in Brazil in nine months, the transaction was not envisioned as generating cash for the principals or a widely traded stock: The initial intention was to enable the principals to trade shares between themselves.[2]

In the leadup to the IPO, Italy's Consob levied a €350,000 fine and a six-month ban from senior positions at Italian companies on Esteves for insider trading in 2007. Consob seized €4.2 million of Mr Esteves’ assets. Not a criminal judgment, BTG also said Esteves planned to appeal. The IPO prospectus would have to be amended but the transaction was not likely to be otherwise affected.[2]

References

  1. Financial Times.
  2. 2.0 2.1 Schäfer, Daniel, and Samantha Pearson, "BTG chief fined for insider trading", Financial Times, April 16, 2012 7:37 pm. Retrieved 2012-04-17.


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This article uses material from the Wikipedia article BTG Pactual, that was deleted or is being discussed for deletion, which is released under the Creative Commons Attribution-ShareAlike 3.0 Unported License.
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This article uses material from the Wikipedia article BTG Pactual, that was deleted or is being discussed for deletion, which is released under the Creative Commons Attribution-ShareAlike 3.0 Unported License.
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