Transaction is subject to regulatory approvals and other
closing conditions
SÃO PAULO, June 28, 2024
/PRNewswire/ -- BTG Pactual ("BPAC11"), the largest investment bank
in Latin America, announced on
Thursday June 27th, 2024
the acquisition of 100% of the share capital of M.Y. Safra Bank, FSB ("M.Y. Safra"), a private U.S.
bank with net equity of USD 46.2
million. The transaction aims to complement the
product offering and maintain a focus on excellence and innovation
in services provided to clients.
Roberto Sallouti, CEO of BTG Pactual, states: "The acquisition
of M.Y. Safra Bank is another step
in expanding our product and service offerings to our Latin
American clients. We are expanding our operations in the United States to increasingly provide
customized products and personalized service to our clients."
Kathleen Romagnano, President and
CEO of M.Y. Safra Bank, said: "Our
agreement with BTG Pactual will enable us to offer an even broader
suite of services and solutions for our clients and opportunities
for our employees. We share a commitment to excellence,
innovation and personalized service."
The completion and closing of the transaction are subject to
verification of certain conditions precedent, including obtaining
all necessary regulatory approvals. Upon closing, M.Y. Safra will
change its name.
M.Y. Safra Bank
M.Y.
Safra Bank, FSB ("M.Y. Safra")
is a Federal Savings Bank regulated by the Office of the
Comptroller of the Currency (OCC) in the
United States. The bank is insured by the Federal
Deposit Insurance Corporation (FDIC) and an Equal Housing/Equal
Opportunity Lender. M.Y. Safra is privately owned and headquartered
in New York City, where it focuses
on providing innovative products and solutions to personal,
business and private banking clients, as well as lending in the
commercial and residential real estate markets. Clients include
high net worth individuals, family offices and businesses. At the
end of March 2024, M.Y. Safra had a
loan portfolio of $275 million,
$404 million in total assets and net
equity of $46 million.
BTG Pactual
BTG Pactual is the largest investment
bank in Latin America and operates
in the Investment Banking, Corporate Lending and Business Banking,
Sales and Trading, Wealth Management and Personal Banking, and
Asset Management markets. BTG Pactual is already present in
the United States, where it
provides asset management and broker dealer services to individual
and institutional clients.
Since its creation in 1983, BTG Pactual has had a meritocratic
partnership culture, with a focus on its customers, excellence and
a long-term vision. BTG Pactual currently employs more than 7,000
people in offices across Brazil,
Chile, Argentina, Colombia, Peru, Mexico,
the United States, Portugal, Spain, Luxembourg and the UK. At the end of
March 2024, BTG Pactual managed more
than USD 327.4 billion of assets for
clients worldwide, with equity of USD 10.4
billion, total assets of USD 113.6
billion and a market cap of USD 28
billion.
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