BTG Pactual to acquire HSBC operations in Uruguay for $175m

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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.“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."BTG Pactual to acquire HSBC operations in Uruguay for $175m" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. 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