BTG Pactual announces acquisition of M.Y. Safra Bank to expand U.S. operations

BTG Pactual (“BPAC11”), the premier investment bank in Latin America, has officially announced the acquisition of 100% of the share capital of M.Y. Safra Bank, FSB (“M.Y. Safra”), a distinguished private U.S. bank, for a net equity deal valued at USD 46.2 million. This strategic move, revealed on Thursday, June 27, 2024, is designed to enhance BTG Pactual‘s product offerings and maintain its commitment to excellence and innovation in client services.

Roberto Sallouti, CEO of BTG Pactual, commented on the acquisition, “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, also shared her perspective: “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 transaction is currently pending, subject to the fulfillment of certain conditions precedent and the receipt of all necessary regulatory approvals. Upon completion, M.Y. Safra will undergo a name change, though specifics have not been disclosed. M.Y. Safra Bank is a Federal Savings Bank, regulated by the Office of the Comptroller of the Currency (OCC) and insured by the Federal Deposit Insurance Corporation (FDIC). Based in New York City, M.Y. Safra caters to a sophisticated clientele, including high net worth individuals, family offices, and businesses, focusing on innovative solutions in personal, business, and private banking.

BTG Pactual, established in 1983, has grown into Latin America’s largest investment bank with a presence in multiple countries and a robust U.S. operation that includes asset management and broker-dealer services. As of March 2024, BTG Pactual managed assets exceeding USD 327.4 billion globally, showcasing a strong financial foundation with equity of USD 10.4 billion and a market capitalization of USD 28 billion.

This acquisition signals BTG Pactual’s intent to further integrate its services within the U.S. market, promising enhanced service delivery and expanded product lines for its clientele.