Julius Baer expects the sale to add nearly 30 basis points to its CET1 capital ratio upon closure. Credit: Taljat David/Shutterstock.

BTG Pactual has sealed a deal to buy Swiss private banking group Julius Baer’s Brazilian domestic wealth management operations, for BRL615m ($100.7m).

This Brazilian wealth unit, Julius Baer Brazil, serves high and ultra-high-net-worth clients through its presence in Sao Paulo, Belo Horizonte, and Rio de Janeiro.

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The business managed BRL61bn ($9.98bn) in assets as of 30 November 2024.

The completion of the deal is anticipated in the first quarter of this year, contingent on the receipt of regulatory clearances.

Julius Baer expects the sale to add nearly 30 basis points to its CET1 capital ratio upon closure.

However, the Swiss bank will maintain its Brazil International business and continue catering to its Brazilian clients from its other locations.

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The bank’s operations in the Americas and Iberian region extend to Mexico, Chile, Uruguay, Colombia, as well as Spain.

Julius Baer Americas and Iberia head Carlos Recoder said: “Following a thorough review of our domestic business in Brazil over the past 12 months, it was concluded that for the benefit of our clients it is important to preserve the multi-family office approach, while further enhancing investment capabilities and upgrading technology.

“The acquisition of our domestic Brazilian franchise by BTG, a leading domestic financial institution, makes this possible and allows to deliver a compelling and differentiated value proposition for our clients and employees.”

Set up in 1983, Brazilian financial company BTG Pactual managed over $335bn in client assets as of September 2024. It offers a range of services including investment banking, wealth management and asset management.

In addition to Brazil, the company has a presence in Chile, Argentina, Colombia, Peru, Mexico, Portugal, Spain, Luxembourg, the UK, and the US.

Meanwhile, Zurich-based Julius Baer has operations in nearly 25 countries and 60 locations. The group had CHF480bn ($526.8bn) in assets under management as of October 2024.