Brazilian bank BTG Pactual has sold BSI SA, the Swiss private bank it bought five months ago.
The Swiss bank has been sold to global asset manager EFG International and is expecting the deal to close for about 1.6 billion Swiss francs (€1.45 billion) – though shareholders have not agreed the final price.
BTG bought the bank for €1.25 billion Swiss francs.
If and when regulators accept the deal, the newly amalgamated business will become one of the largest private banks in Switzerland, with assets under management of around 171 billion Swiss francs, BTG says.
Last year, BTG’s chief executive André Santos Esteves was arrested on corruption charges. Ever since, the firm has sought to reassure investors and maintain liquidity. In December, BTG agreed to sell distressed debt unit Recovery do Brasil Consultoria to Itaú Unibanco, the largest private banking group in Brazil, for about $300 million (€271 million).
Esteves, who resigned his position in November, denies wrongdoing and remains under house arrest awaiting trial.
BTG recently released results showing a 45% increase in income in the final quarter of 2015.
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