Bank BTG Pactual is close to a deal to acquire the Julius Baer unit, according to a source familiar with the matter.
The price for the deal, which has around R$70 billion in assets under management and custody, could reach around R$1 billion, the sources said last month.
The goal is to reach a deal later this month, said these sources, who asked not to be identified discussing confidential negotiations.
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Negotiations are ongoing and may not materialize yet.
Julius Baer opened an office in Brazil in 2005 and subsequently acquired two of the country’s largest family offices, GPS and Reliance, merging the companies in February 2020 and creating an entity that now has around 300 employees.
BTG has a multifamily office business with more than R$40 billion in assets under management, and the Julius Baer business could be combined with this strategy, the sources said.
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Representatives for BTG and Julius Baer declined to comment on a possible combination.
The columnist for The GlobeLauro Jardim, reported earlier this Monday (6) that BTG was close to an agreement for the unit.
Julius Baer hired Goldman Sachs to seek buyers for the deal, sources familiar with the matter said in November, a move that could help the Swiss bank rebuild after recent setbacks.
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The company initially struggled to regain investor confidence after its exposure to Austrian tycoon Rene Benko’s collapsing real estate empire sent shares plunging.
Since then, shares have recovered and are up around 24% over the past 12 months, compared to a 4.5% rise for the Swiss stock market index.
The company sold €500 million (about R$3 billion) of new debt in September, in its first euro bond sold to international investors since former CEO Philipp Rickenbacher left the bank.
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