BTG Pactual agrees to acquire 100% of MY Safra Bank in the US

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BTG Pactual, the largest investment bank in Latin America has signed an agreement to acquire 100% of the share capital of MY Safra Bank, a private US bank with net equity of $46.2 million.

The transaction, subject to regulatory approvals and other closing conditions, aims to complement the product offering and maintain a focus on excellence and innovation in services provided to clients. Upon closing, MY Safra will change its name, the parties revealed in a statement.

“The acquisition of MY Safra Bank is another step in expanding our product and service offerings to our Latin American clients,” said Roberto Sallouti, CEO of BTG Pactual. “We are expanding our operations in the United States to increasingly provide customised products and personalised service to our clients.”

MY Safra Bank ia Federal Savings Bank regulated by the Office of the Comptroller of the Currency (OCC) in the US. The bank is insured by the Federal Deposit Insurance Corporation (FDIC) and 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, MY Safra had a loan portfolio of $275 million$404 million in total assets and net equity of $46 million.

Established in 1983, 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.

It has a presence in the US, where it provides asset management and broker dealer services to individual and institutional clients. BTG Pactual currently employs more than 7,000 people in offices across Brazil, ChileArgentinaColombiaPeruMexico, USPortugalSpainLuxembourg and the UK.

At the end of March 2024, it managed more than $327.4 billion of assets for clients worldwide, with equity of $10.4 billion, total assets of $113.6 billion and a market cap of $28 billion.

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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