Julius Baer Group Ltd. said it would sell its domestic Brazilian business to Banco BTG Pactual SA, the biggest independent investment bank in Latin America, for 615 million reais ($101 million).

Julius Baer Group said on 7 January it has agreed to sell its domestic Brazilian wealth management business, Julius Baer Brasil Gestão de Patrimônio e Consultoria de Valores Mobiliários Ltda (Julius Baer Brazil), to Banco BTG Pactual S.A. (BTG).

( MENAFN - Swissinfo) Swiss private bank Julius Bär has signed an agreement to sell its operation in Brazil, Julius Baer Brasil Gestão de Patrimônio e Consultoria de Valores Mobiliários, to Banco BTG Pactual for 615 million reais, or CHF91 million ($100.7 million).

Julius Baer said on Tuesday it had agreed to sell its Brazilian domestic wealth management business to Banco BTG Pactual, days before Stefan Bollinger takes over as chief executive after a difficult year for the Swiss bank.

Fernando Vallada, presidente da unidade brasileira do Julius Baer, deve ficar no BTG Pactual após o banco brasileiro concluir a aquisição do negócio do gestor de fortunas suíço, disse uma pessoa familiarizada com o assunto.