The Bank Slate


Brazilian investment bank agrees to buy M.Y. Safra Bank in NY

Brazilian investment bank BTG Pactual has agreed to buy M.Y. Safra Bank in New York.

BTG Pactual did not disclose how much it will pay for the $404 million-asset M.Y. Safra Bank.

M.Y. Safra Bank has $275 million of loans.

The acquisition “is another step in expanding our product and service offerings to our Latin American clients,” Roberto Sallouti, BTG Pactual’s CEO, said in a press release. “We are expanding our operations in the United States to increasingly provide customized products and personalized service to our clients.”

The agreement “will enable us to offer an even broader suite of services and solutions for our clients and opportunities for our employees,” Kathleen Romagnano, the bank’s president and CEO, said. “We share a commitment to excellence, innovation and personalized service.”

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