Wednesday, April 22, 2009
Exclusive: Esteves details his plans for Pactual
Brazilian billionaire Andre Esteves has bought back much more than he sold just three years ago. His BTG-Pactual combination makes him one of the key players in Latin America’s largest market, and leaves UBS nowhere. Esteves outlines his ambitions to Chloe Hayward.
DESPITE LITTLE SLEEP after a weekend finalizing his biggest acquisition to date, Brazilian billionaire and entrepreneur Andre Esteves feels he has just hit the jackpot. “I’m very, very excited,” he says, laughing.
On April 20, Esteves announced that he had bought back Banco Pactual, a leading Brazilian investment bank, from Swiss bank UBS for $2.5 billion, three years after selling it.
The sale to UBS in May 2006 – for potentially up to $2.6 billion or six times book value – made Esteves Brazil’s youngest billionaire. Now he has Pactual back in his grasp for a little bit more than book value.
The newly named BTG-Pactual – a merger with Esteves’ year-old BTG Group – is on track to make the ambitious Brazilian even wealthier.
The newly created firm will consist of an investment bank in Brazil, a broker dealer and...
Please log in now to view.
Enter your username (email address) and password at the top right-hand side of euromoney.com.
If you do not currently have access to this content, visit the subscription page or call our hotline on +44 (0)207 779 8999.
Subscribe online now and save up to 30%
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
- 12 months access in print and online - on euromoney.com, read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 1996
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe