Brazil’s BTG Pactual acquires Luxembourg private bank Millinoire 2023

The Brazilian investment bank BTG Pactual stated on Friday that one of its subsidiaries, Inter-Porfolio, has reached an agreement to acquire 100 percent of the Luxembourg-based financial institution FIS Privatbank for EUR 21.3 million. FIS Privatbank was created 30 years ago (USD 22.9 million).

According to a market release, FIS Privatbank is one of Europe’s largest financial centers and focuses on the wealth and asset management sectors. FIS Privatbank has 500 million EUR in assets under management in 2022, whereas BTG managed approximately 1.3 trillion BRL (nearly EUR 230 billion).

Brazil’s BTG pactual buys Luxembourg private bank

Roberto Sallouti, the chief executive officer of BTG Pactual, stated that the purchase is part of the bank’s plan to expand its presence in Europe’s private banking and asset management industries.

BTG Pactual has offices in Portugal and the United Kingdom and is seeking regulatory license in Spain.

Mr. Sallouti stated in a statement to the daily Valor Econômico that establishing a bank in Luxembourg will allow the institution to “address all the demands of Latin American and European clients in an even more customized and exclusive manner.” Also, the bank will no longer be required to recommend its customers to European partner institutions. Alternatively, it can provide credit lines and other investment options to institutional investors and family offices, who are also clients of FIS Privatbank.

The transaction is pending regulatory approval, including from the Central Bank of Brazil.

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