4 weeks ago
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Brazilian bank BTG Pactual on Monday said it will snap up HSBC’s operations in Uruguay for US$175 million.
It marks its entry into the Spanish-speaking country and an expanding presence in Latin America.
By buying the London-listed bank’s Uruguay assets, BTG Pactual will operate in retail banking, corporate credit, investment banking and wealth management, serving individuals and businesses of all sizes.
BTG Pactual has been on an international spending spree in recent years, buying M.Y. Safra in the United States in 2024 and Luxembourg-based FIS Privatbank in 2023.
The transaction value includes equity and additional capital instruments and is subject to adjustments to reflect changes in equity until the deal closes, which is contingent on regulatory approvals, BTG Pactual said.
The deal is expected to close within six to 12 months.
In Latin America, in addition to Brazil, BTG is also present in Chile, Colombia, Mexico, Peru and Argentina.
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