BTG Pactual Completes Deal to Buy US-Based M.Y. Safra Bank (2)

Banco BTG Pactual SA, the biggest independent investment bank in Latin America, signed definitive documents to acquire the entire stake in US-based M.Y. Safra Bank.

M.Y. Safra Bank, founded in New York more than 10 years ago, had a loan portfolio at the end of March worth $275 million, with $404 million in total assets and $46 million of liquidity, according to a regulatory filing. The New York bank has no relation to Banco Safra SA, a prominent Brazilian company, Safra National Bank of New York, or any other entity tied to J Safra Group.

The bank, which operates mainly ...