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 is a 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, Chile, Argentina, Colombia, Peru, Mexico, US, Portugal, Spain, Luxembourg 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.
