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BTG Pactual CEO sees no immediate need for Latin America acquisitions
April 1, 2014 / 4:17 PM / 4 years ago

BTG Pactual CEO sees no immediate need for Latin America acquisitions

LIMA/SAO PAULO, April 1 (Reuters) - Grupo BTG Pactual SA sees no immediate need to pursue more acquisitions in Latin America, Chief Executive Officer Andrés Esteves said on Tuesday, as the region’s largest independent investment bank seeks to add more segments to its growing commodities sales and trading unit.

Esteves told reporters in Lima, where he is at an event, that BTG Pactual wants to include coffee and cocoa to its agricultural platform, but declined to give a timetable for the plan. The São Paulo-based lender, which he and partners founded in 2009, has gained large enough scale in Latin America, meaning that acquisitions would only come if a “really good opportunity appears.”

Esteves added that the bank has no intention to grow into retail banking. “We are an investment bank, and we will continue to do investment banking,” he added. (Reporting by Patricia Vélez; Writing by Guillermo Parra-Bernal, Editing by Franklin Paul)

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