Brazilian bank BTG Pactual acquires HSBC’s operations in Uruguay for $175 million, expanding its presence in Latin America. The move includes retail banking, corporate credit, and wealth management services. This aligns with the bank’s strategy to diversify revenue in the region. The deal is subject to regulatory approvals and expected to close within six to 12 months.

BTG Pactual’s international acquisitions include M.Y. Safra in the US and FIS Privatbank in Luxembourg, establishing BTG Pactual Europe. The Uruguayan unit, with 50,000 clients and a 7% market share, will be overseen by BTG Pactual partner Rodrigo Goes. The transaction value includes equity and additional capital instruments, with adjustments until closing.

BTG Pactual is also present in Chile, Colombia, Mexico, Peru, and Argentina. The bank is awaiting a response to its banking license application in Peru, expecting approval within nine to 12 months. While exploring opportunities in Mexico, no deals have materialized yet. BTG remains cautious about pricing and finding the right fit for potential acquisitions in the region.

Read more at Yahoo Finance: BTG Pactual to buy HSBC’s Uruguay operation for $175 million