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BTG Pactual’s Chilean unit secures license to initiate banking operations

The Chilean unit of independent investment bank Grupo BTG Pactual has secured a permanent banking license from Chile's banking and financial institutions regulator SBIF. This would enable the unit to initiate banking activities in the country by the end of January 2015.

According to BTG Pactual, the Banco BTG Pactual Chile unit through a multi-service platform aims to grow in the country with a full banking license, reports Reuters.

In February 2012, BTG Pactual acquired Chile’s brokerage firm Celfin Capital for $600m; However, it was not allowed to operate in the country under its own platform.

Equipped with the license, the unit can focus on entering the local credit and derivatives markets to support existing institutional investing as well as offer wealth management services. It plans to invest its own capital in private equity.

Grupo BTG Pactual chief executive officer and controlling shareholder André Esteves told Reuters that the company considers Chile as a stepping stone for its international expansion.

Brazilian banking firm BTG Pactual engages in Latin-American investment banking, wealth management and global asset management.

The company has branches in 11 Brazilian cities such as Rio de Janeiro, Belo Horizonte and Brasilia, and offices in 19 world financial centers such as New York, London, Geneva, Moscow, Shanghai and Singapore.