BTG Close to Acquiring Julius Baer’s Unit in Brazil

Bloomberg01-07 04:41

(Bloomberg) -- Banco BTG Pactual SA, the biggest independent investment bank in Latin America, is close to a deal to acquire Julius Baer Group Ltd.’s Brazil unit, according to a person familiar with ...

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The goal is to come to an agreement as soon as this month, those people said, asking not to be identified discussing confidential talks. The negotiations are ongoing and could still fall apart.Other banks that had shown interest include Banco Santander Brasil SA, XP Inc. and Banco Safra SA, according to the people.Julius Baer opened an office in Brazil in 2005 and after that bought two of the biggest family offices in the nation, GPS and Reliance, merging the firms in February 2020 and creating an entity that now has around 300 employees.BTG has a multifamily office business with more than 40 billion reais in assets under mana","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4135":"资产管理与托管银行","BK4532":"文艺复兴科技持仓","BTG":"B2Gold","JBAXY":"Julius Baer Group Ltd.","BK4017":"黄金","JBARF":"Julius Baer Group Ltd."},"translate_title":"首旅集团即将收购瑞士宝盛在巴西的子公司","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTG":1,"JBARF":0.9,"JBAXY":0.9},"content_text":"(Bloomberg) -- Banco BTG Pactual SA, the biggest independent investment bank in Latin America, is close to a deal to acquire Julius Baer Group Ltd.’s Brazil unit, according to a person familiar with the matter.\nThe price for the business, which has about 70 billion reais ($11.5 billion) in assets under management and under custody, could reach about 1 billion reais, people said last month. The goal is to come to an agreement as soon as this month, those people said, asking not to be identified discussing confidential talks. The negotiations are ongoing and could still fall apart. \nOther banks that had shown interest include Banco Santander Brasil SA, XP Inc. and Banco Safra SA, according to the people.\nJulius Baer opened an office in Brazil in 2005 and after that bought two of the biggest family offices in the nation, GPS and Reliance, merging the firms in February 2020 and creating an entity that now has around 300 employees.\nBTG has a multifamily office business with more than 40 billion reais in assets under management, and Julius Baer’s business could be combined with this strategy, the people said. \nRepresentatives for BTG and Julius Baer declined to comment on a possible combination. \nO Globo columnist Lauro Jardim reported earlier Monday that BTG was close to an agreement for the unit. \nJulius Baer hired Goldman Sachs Group Inc. to seek buyers for the operation, people familiar with the matter said in November, a move that could help the Swiss bank right its footing after some high-profile setbacks.\nThe company initially struggled to regain investor confidence after its exposure to Austrian tycoon Rene Benko’s crumbling property empire sent the shares tumbling. The stock has since been gaining ground and is up about 24% in the past 12 months, compared with a 4.5% increase for the Swiss Market Index.\nThe company sold €500 million ($520 million) of new debt in September in its first euro bond sold to international investors since former Chief Executive Officer Philipp Rickenbacher left the bank.\n©2025 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2501213084"}