The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Latin America: How BTG came through the ultimate stress test

When Brazilian federal police knocked on the door of André Esteves’ Rio de Janeiro home on the morning of November 25, 2015, they were not only arresting one of the country’s most prominent bankers, they were also delivering a hammer blow to his bank, BTG Pactual. There followed a stress test that would threaten the collapse of the bank. Here’s the story of how the partners forged a business model for BTG in the glare of public scrutiny.

BTG illustration-600
Illustration: Pete Ellis

Roberto Sallouti was running on his treadmill at his home in São Paulo in the early morning of Wednesday November 25, 2015, when his mobile phone buzzed, out of his reach. The then senior vice-president and board member of BTG Pactual maintained his pace. It was only when the phone continued to buzz angrily over the next minute or so that he looked at it. There were many missed calls, including quite a few from the bank’s front desk. He returned the call.

“The federal police are here, lots of agents,” he was told.

Sallouti assumed the unannounced visit was in regards to a client matter – as the leading bank for Brazil’s richest families, legal issues tended to crop up from time to time. He switched off the treadmill, hoping to be able to resolve the matter and clear the bank’s reception of police agents before the office began to get busy for the day. But before Sallouti had been able to leave for the bank’s headquarters in São Paulo’s Faria Lima district, he got a call from one of the bank’s lawyers. 

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree