BTG Pactual is looking to exit all non-core businesses, says its new Chairman, Persio Arida, as the bank rushes to sell stakeholdings, pools of loans and other assets to raise cash and restore investor confidence, the wake of the corruption scandal involving its ex-Chairman and CEO, André Esteves. This announcement comes as it is revealed that BTG Pactual is already in talks to sell its stake in Latin America's largest debt collector, Recovery do Brasil SA, say sources, with Lone Star Funds one possible bidder for the stake. The bank is expected to fetch between BRL 400m ($103m) and BRL 1.2bn ($312m) from the sale, depending on whether it includes the bank's platform that Recovery uses to price loans, say reports.
BTG Pactual is looking to exit all non-core businesses, says its new Chairman, Persio Arida, as the bank rushes to sell stakeholdings, pools of loans and other assets to raise cash and restore investor confidence, the wake of the corruption scandal involving its ex-Chairman and CEO, Andre Esteves. This announcement comes as it is revealed that BTG Pactual is already in talks to sell its stake in Latin America's largest debt collector, Recovery do Brasil SA, say sources, with Lone Star Funds one possible bidder for the stake. The bank is expected to fetch between BRL 400m ($103m) and BRL 1.2bn ($312m) from the sale, depending on whether it includes the bank's platform that Recovery uses to price loans, say reports.