BTG Pactual announced it has completed its acquisition of M.Y. Safra Bank, a transaction first announced in June 2024 that gives the Latin American investment bank a U.S. banking license and adds a federally regulated banking platform to its long-standing U.S. presence.
Following the closing, the New York-based institution has been renamed BTG Pactual Bank, N.A. The firm said the bank will offer a broader portfolio of banking services, expanding and complementing the investment products BTG Pactual already provides to clients in the United States through its existing operations.
BTG Pactual said the acquisition received all required regulatory approvals, including clearance from the U.S. Federal Reserve Board. At the time the deal was announced, M.Y. Safra Bank reported net equity of $46.2 million.
The acquisition is intended to deepen BTG Pactual’s U.S. offering by enabling core banking activities that are typically unavailable to firms operating only through broker-dealer and asset management entities. BTG Pactual said the transaction allows it to take deposits and extend loans directly in the American market, integrating those capabilities with its broader investment and wealth platforms.
BTG Pactual has operated in the United States for more than 15 years and said it has been present in the market since 2009 through broker-dealer and asset management firms headquartered in New York and Miami. The firm’s U.S. business includes more than 280 professionals. BTG Pactual Bank, N.A. will primarily serve clients from the jurisdictions where BTG Pactual operates who are seeking efficient access to the U.S. financial system, with the bank positioned as part of a more integrated client experience across BTG Pactual’s global footprint.
Kathleen Romagnano will join the organization from M.Y. Safra Bank as President and CEO of BTG Pactual Bank, N.A., as the newly named bank transitions into the BTG Pactual platform.
KEY QUOTES:
“The finalization of this acquisition represents a crucial strategic move for our expansion in the United States. We are strengthening our capability to deliver integrated, exclusive, and personalized solutions for clients across Latin America, Europe, and the US, while maintaining the BTG Pactual standard of excellence.”
Roberto Sallouti, CEO, BTG Pactual
“Our shared commitment to excellence, innovation and personalized service will ensure a seamless transition for clients and access to an even broader suite of products, services and solutions under our new umbrella.”
Kathleen Romagnano, President And CEO, BTG Pactual Bank, N.A.
