By Rogerio Jelmayer
SAO PAULO--Brazil's BTG Pactual, the investment bank controlled
by billionaire Andre Esteves, said Monday that the 1.5-billion
Swiss franc ($1.68 billion) acquisition of Swiss private bank BSI
will be paid for mostly in cash.
BTG said that the acquisition from Italian insurer Assicurazioni
Generali SpA (G.MI) will be 80% paid in cash, while the rest will
be made with its shares.
The Brazilian bank said it will maintain BSI's name after the
deal closes.
"BSI will become BTG Pactual's global wealth-management platform
and will continue to operate under the BSI brand and identity. BSI
brings 140 years of private banking heritage, around $100 billion
in client assets, and a global presence with approximately 2,000
employees in more than 10 countries around the world," BTG said in
a statement.
The combination of BTG Pactual and BSI creates an international
wealth and asset-management business that manages more than $200
billion in assets.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com