Brazilian bank BTG Pactual has brokered a deal to acquire HSBC’s operations in Uruguay, marking its entry into the Uruguayan market.
The deal, valued at $175m, encompasses both equity and additional equity instruments, with adjustments to be made based on changes in equity until the transaction is finalised.
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At the end of 2024, HSBC operated five branches in Uruguay, with a net worth of $144m and $47m in additional capital instruments, totalling $191m in capital.
Following the acquisition, BTG Pactual plans to provide a range of services in retail banking, corporate and SME lending, investment banking, and wealth management for individuals and businesses in Uruguay.
Rodrigo Goes, a partner at BTG Pactual, will oversee operations in the country, leveraging his experience from the bank’s activities in other Latin American nations, including Mexico, Colombia, Peru, Chile, and Argentina.
BTG Pactual CEO Roberto Sallouti said: “The acquisition of HSBC in Uruguay is an important part of our internationalisation strategy and strengthens our presence in the region.
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By GlobalData“We want to be the bank of Latin Americans, with the full service offer and the quality already recognised of BTG Pactual. We continue to grow in a solid and consistent way and will bring solutions that add security, technology and excellence to the Uruguayan market.”
The completion of the acquisition is contingent upon meeting specific conditions, including obtaining necessary regulatory approvals.
BTG Pactual has been actively expanding its international footprint, having initiated the acquisition of M.Y. Safra, a bank based in the US, to enhance services for Latin Americans in that region.
The bank also established BTG Pactual Europe after acquiring FIS Privatbank in Luxembourg, further solidifying its presence in Europe, with offices in Portugal, Spain, and the United Kingdom.
Headquartered in Brazil, BTG Pactual offers financial solutions across various sectors, including investment banking, corporate and SME lending, sales and trading, asset management, and personal banking.
The BTG Pactual Group also holds investments in several subsidiaries, including Banco PAN, its consumer banking division.
