BTG Pactual acquires Swiss private bank

Swiss madeBrazil’s BTG Pactual, a bank and asset management group, has gained a wider Swiss and global distribution footprint with the purchase of private bank and wealth manager BSI, one of the oldest banks in Switzerland.

The deal creates a global private banking franchise with assets under management of $186.5 billion (€165.4 billion). BTG Pactual’s total assets under management at June 30, 2015, were $98.9 billion, while BSI’s total assets under management were $87.6 billion.

BTG Pactual’s employees increase by nearly 2,000 to 3,500.

A price tag was not put on the deal, which was announced earlier this week.

BSI is purchased from current owners Assicurazioni Generali, an Italian insurance company. The bank – which operates in Europe, Latin America, the Middle East and Asia – will keep its brand and independence, but also becomes BTG Pactual’s global wealth management and private bank platform.

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

©2015 funds europe