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History Of
BTG Pactual

Starting out as a Rio de Janeiro brokerage, BTG Pactual, in its almost 30-year history, has become the leading Investment Bank in Latin America.

Pactual was run as partnership since inception, through association established between its founding partners. Over the subsequent 13 years the business expanded considerably becoming a full fledged Bank with a number of offices throughout Brazil.

In May 2006, UBS AG purchased Banco Pactual. We became "UBS Pactual", the division of UBS in all Latin American countries, and Andre Esteves became CEO all of UBS's Latin American operations.

In July 2008, Andre Esteves and a group of partners left UBS Pactual with the goal of establishing a new venture based on the same culture they had previously implemented at Banco Pactual. They were joined by Persio Arida and some former managing directors of UBS to create BTG in October 2008, a global investment business with offices in São Paulo, Rio de Janeiro, London, New York and Hong Kong.

On April 19, 2009 BTG acquired UBS Pactual. The transaction closed in September 2009, thus creating BTG Pactual.The transaction allowed the reunion of the partners who had left in 2008 with partners who had remained at the bank throughout the period following the sale to UBS.

In December 2010, we issued U.S. $1.8 billion in capital to a consortium of prestigious international investors as well as partners representing 18.65% in BTG Pactual. The consortium brought an impressive group of investors to us, consolidating and expanding our global network.

In January 2011, we purchased a 37.64% stake in Banco PanAmericano, composed of 51.00% of its voting shares and 21.97% of its non-voting shares. The transaction closed on May 27, 2011.

In 2012, we signed agreements to acquire Celfin, the leading brokerage in Chile, which also operates in Peru and Colombia, and Bolsa y Renta, the largest brokerage (in equity volumes) in Colombia. Celfin has a broad range of products and services in the areas of Investment Banking, Products and Financial Services, Asset Management and Wealth Management. We had, last November, the approval of the Central Bank regarding the merger with Celfin Capital and in December approved the merger with Bolsa y Renta.

We also held our IPO in 2012, raising R$3.65bn and making us one of the 20 largest listed companies on the BM&FBovespa. This operation gives us more liquidity and reinforces our solid business platform, which is growing strongly.

Non-Brazilian Investor

Please, read the following comments about information published in the website.

This document is published exclusively for the purpose of providing information and conferring transparency to the management carried out by BTG Pactual, and it is not the Offering Memorandum of the Funds and is not to be considered as an offer for the sale of shares of the Funds or of any other security.

Some of the Funds are not listed on the Cayman Islands Stock Exchange and are accordingly prohibited from making an offering to the public in the Cayman Islands.

In some cases, no registration statement has been filed with the United States Securities and Exchange Commission or any State Securities Authority with respect to the offering of the Funds shares.

Not all the Funds presented here have their shares registered under the United States Securities Act of 1933, as amended.

This document is not destined to investors with residence in Brazil.

The Funds may not be offered, sold, redeemed or transferred in Brazil.

The offer and sale of the Funds shares in certain jurisdictions may be restricted by law.

Before subscribing for the shares, each prospective investor should (i) carefully read and retain the Offering Memorandum of the Funds and the relevant Supplement or Annex in respect of the portfolio and/or class of shares; (ii) consult with his/her/its own counsel and advisors as to all legal, tax, regulatory, financial and related matters concerning an investment in the Funds.

Past performance does not guarantee future results.

BTG Pactual takes no responsibility for the accidental publication of incorrect information, nor for investment decisions taken based on this material.

Access to this document or use of the services or information provided herein is prohibited by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law, rule or regulation.