By Brazil Stock Guide – BTG Pactual has received final approval from the Central Bank of Uruguay to acquire HSBC Uruguay, clearing the last regulatory step for a transaction announced in July 2025 and reinforcing the Brazilian bank’s international expansion strategy.
The agreement covers the acquisition of 100% of HSBC Uruguay, as well as additional capital instruments, for approximately US$ 175 million. The final amount remains subject to adjustments based on the performance of the business between December 31, 2024, and the closing date.
The approval marks the beginning of the transition period before the deal is formally completed. Until closing, HSBC Uruguay will remain part of the HSBC Group and will continue to focus on supporting clients through an orderly handover.
For BTG Pactual, the transaction adds another piece to its regional platform. The bank, Latin America’s largest investment bank, already operates in key markets across the region, including Brazil, Chile, Colombia, Mexico, Peru and Argentina, and also has a presence in Europe and the United States.
“Uruguay is a relevant market in the region, and this approval represents an important step in strengthening our vocation to serve the Latin American client community, while advancing our international growth strategy,” said Roberto Sallouti, CEO of BTG Pactual.
Sallouti said that, after the transaction closes, BTG will begin integrating the Uruguayan operation into its global platform, with a long-term view and a commitment to contributing to the development of Uruguay’s financial market. The bank also expects to broaden access for local clients and investors to global opportunities through BTG’s international platform.
The move comes as BTG continues to expand beyond Brazil. In January, the bank completed the acquisition of M.Y. Safra Bank in the United States, giving it a banking license in the country. The Uruguay deal strengthens BTG’s presence in a market traditionally relevant for high-net-worth clients, family offices, cross-border wealth management and regional corporate relationships.
On HSBC Uruguay’s side, the message is one of continuity. Constantino Gotsis, CEO of HSBC Uruguay, said the central bank approval opens “a new chapter” for the strengthening and growth of Uruguay’s financial system. He also thanked clients for their continued trust and employees for their professionalism throughout the process.
BTG Pactual and HSBC will now work together on the remaining steps required to complete the transaction, with a focus on client continuity and operational stability during the transition.
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