Brazil’s BTG Pactual buys Swiss wealth firm BSI for $1.7 billion

Brazil’s BTG Pactual buys Swiss wealth firm BSI for $1.7 billion (Reuters)

Brazilian investment bank Grupo BTG Pactual is buying Swiss private bank BSI for a knock-down 1.5 billion Swiss francs ($1.7 billion), extending an overseas push by the Sao Paulo-based lender.  The deal, the second biggest in the bank sector this year, brings to an end a long-running attempt to sell the unit by Italian insurer Generali.  BTG, controlled by billionaire financier André Esteves, said the Swiss unit would become its global wealth management business, increasing its wealth and asset management assets to more than $200 billion and giving it a big presence in Switzerland, the world’s biggest financial offshore market… Link to article