Brazil’s BTG Pactual buys Luxembourg private bank in millionaire deal

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Brazilian investment bank BTG Pactual announced on Friday that one of its subsidiaries, Inter-Porfolio, had signed an agreement to acquire 100 percent of FIS Privatbank, a financial institution founded 30 years ago in Luxembourg, for EUR 21.3 million (USD 22.9 million).

According to a statement to the market, FIS Privatbank is known as one of Europe’s leading financial centers and operates primarily in the wealth and asset management markets. In 2022, FIS Privatbank had EUR 500 million in assets under management, while BTG manages over BRL 1.3 trillion (nearly EUR 230 billion).

Roberto Sallouti, BTG Pactual’s CEO, said the acquisition is part of the bank’s strategy to increase its footprint in Europe’s private banking and asset management sectors.

BTG Pactual already has offices in Portugal and the United Kingdom, and the company is currently seeking regulatory approval in Spain.

In a statement to the newspaper Valor Econômico, Mr. Sallouti, said that operating a bank in Luxembourg will allow the institution to “meet all the needs of Latin American and European customers in an even more personalized and exclusive way.” It also means that the bank will no longer need to refer its customers to European partner institutions. Instead, it can offer lines of credit and other investment opportunities to institutional investors and family offices that also comprise FIS Privatbank’s client base.

The acquisition is still subject to regulatory approval, including from Brazil’s Central Bank.

Fabiane Ziolla Menezes

Former editor-in-chief of LABS (Latin America Business Stories), Fabiane has more than 15 years of experience reporting on business, finance, innovation, and cities in Brazil. The latter recently took her back to the classroom and made her a Master in Urban Management from PUCPR. At TBR, she keeps an eye on economic policy, game-changing businesses, and people driving innovation in Latin America.