BTG Pactual to buy Julius Baer’s Brazil unit in $164 million deal, local media reports

SAO PAULO (Reuters) – Brazilian investment bank BTG Pactual is set to announce the acquisition of Swiss private bank Julius Baer (SIX:)’s local unit in a deal worth about 1 billion reais ($163.6 million), newspaper O Globo reported on Monday.

BTG Pactual will announce the deal this week, according to the report, which did not specify how it obtained the information.

BTG Pactual and Julius Baer declined to comment.

Reuters reported in November, citing sources, that Julius Baer had tapped Goldman Sachs to advise on the sale of its Brazilian operation.

($1 = 6.1113 reais)