June 14, 2012 11:11 pm
BTG Pactual takes over Colombian brokerage
Brazil’s BTG Pactual has strengthened its position as a pan-Latin American investment bank with the purchase of Bolsa y Renta, a Colombian brokerage.
The deal, which has been under negotiation since last year, gives BTG access to the largest broker by trading volume in South America’s second-most populous country.
“The deal is an important step in the bank’s expansion throughout Latin America,” BTG said.
Although valued at just $52m, the deal follows BTG’s $600m takeover of Chile’s Celfín Capital last year.
The deals mean BTG, controlled by Brazilian billionaire banker André Esteves, has a firm presence in prosperous Andean countries including Chile, Colombia and Peru.
Bolsa y Renta has a $2.57bn wealth management portfolio. BTG’s wealth management area has portfolios totalling $23.1bn.
BTG held a $2bn initial public offering earlier this year that was the first significant listing in Brazil since July last year.
Its stock has lost 16 per cent of its value since its April 26 debut on the São Paulo stock exchange to finish on Thursday at R$26.10.
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“The deal is an important step in the bank’s expansion throughout Latin America,” BTG said.
Although valued at just $52m, the deal follows BTG’s $600m takeover of Chile’s Celfín Capital last year.
The deals mean BTG, controlled by Brazilian billionaire banker André Esteves, has a firm presence in prosperous Andean countries including Chile, Colombia and Peru.
Bolsa y Renta has a $2.57bn wealth management portfolio. BTG’s wealth management area has portfolios totalling $23.1bn.
BTG held a $2bn initial public offering earlier this year that was the first significant listing in Brazil since July last year.
Its stock has lost 16 per cent of its value since its April 26 debut on the São Paulo stock exchange to finish on Thursday at R$26.10.
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