BTG Pactual completes BSI $1.29 billion acquisition after Swiss approvalStaff writer ▼ | September 16, 2015
Brazil's Grupo BTG Pactual SA concluded its acquisition of Swiss private banking firm BSI Group Inc. for 1.25 billion Swiss francs ($1.29 billion).
Acquisition A group with $186.5 billion in assets under management
The deal is part of the Brazilian bank's push to grow abroad and bolster the resilience of results in coming years, as an economic recession deepens in its home market.
BTG Pactual's service revenues will grow to $2 billion from $1 billion before the BIS purchase, the statement said. The combined bank will employ 5,400 people in 29 countries and operations outside Brazil will account for most of its income and staff.
Alfredo Gysi will resign as chairman of the board of BSI and be replaced by Joseph Rickenbacher starting on Sept. 16, the bank added. ■