Brazil-headquartered international financial services group BTG Pactual has acquired 100% of Luxembourg-based FIS Privatbank for an undisclosed sum.
FIS Privatbank is a private bank that offers wealth management, asset management and financing services. It serves high net worth individuals, family offices and institutional investors.
At the end of 2022, the private bank managed around €500m (£440m, $538m) in assets from more than 300 clients. The bank is owned by Alexander Schütz, an Austrian investor and entrepreneur.
BTG Pactual, Alexander Schütz and FIS Privatbank are working with the regulators to get approval for closing the transaction over the next few months.
Roberto Sallouti, chief executive of BTG Pactual, said: “The acquisition of FIS is a milestone for BTG Pactual’s strategy in Europe and a strategic investment decision. Operating a bank in Luxembourg will enable us to serve all our clients’ needs in the region, fostering the activities of our European offices in Portugal, Spain (which is currently under regulatory approval), and the UK.
“We will offer a full suite of products and services to our European client base and to Latin Americans aiming to diversify their investment portfolios in developed countries.”
Schütz added: “BTG Pactual is the perfect fit for FIS Privatbank as it is fully aligned to our ambition. We are convinced that our clients will be in the position to improve their banking relationship with FIS Privatbank due to a broader offering of global products and services from an experienced global player like BTG Pactual.”
BTG Pactual operates in the investment banking, corporate lending, sales and trading, wealth management and asset management markets. BTG Pactual currently employs more than 6.000 people in offices across Brazil, Chile, Argentina, Colombia, Peru, Mexico, US, Portugal and the UK.
