By Brazil Stock Guide – Banco BTG Pactual S.A. (B3: BPAC11) has received all required regulatory approvals to complete the acquisition of 100% of M.Y. Safra Bank, FSB, in the United States, removing the final formal hurdle to a transaction announced in mid-2024.
In a market filing released on Dec. 11, the bank said the closing of the deal is expected to take place within the 2025 fiscal year. Financial terms were not disclosed. The agreement, announced in June 2024, was subject to regulatory approvals and customary closing conditions.
The transaction gives BTG full control of a U.S. federally chartered bank, enabling the group to offer onshore banking services to clients with cross-border needs, including high-net-worth individuals, family offices and companies with exposure to Latin America. The acquisition is intended to complement BTG’s product offering and expand its ability to deliver wealth management, lending and banking solutions directly from the U.S. financial system.
At the time of the announcement, M.Y. Safra Bank reported net equity of about $46 million, total assets of $404 million and a loan portfolio of $275 million, based on figures as of March 2024. The institution operates as a Federal Savings Bank, is regulated by the Office of the Comptroller of the Currency (OCC) and is insured by the Federal Deposit Insurance Corporation (FDIC).
For BTG, the deal represents a structural step in the build-out of its international platform. While the bank already operates in financial centers such as New York, London, Madrid and Lisbon, owning a U.S. banking license broadens its operating perimeter and deepens its presence in the world’s largest financial market.
In the filing, signed by investor relations officer Renato Hermann Cohn, BTG confirmed that all regulatory conditions have now been met, paving the way for closing. Upon completion, M.Y. Safra Bank is expected to be rebranded and formally integrated into BTG Pactual’s global franchise.
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