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Report: Top execs to raise stakes in BTG as part of controlling group shakeup

A number of top executives at Banco BTG Pactual SA will increase their stakes in the Brazilian investment bank as part of a shakeup of the company's controlling group, Bloomberg News reported, citing "three people with direct knowledge of the matter."

Chairman Marcelo Kalim will gradually shed his holdings in BTG and ultimately relinquish the chairman role in order to form his own bank, the sources said, adding that Andre Esteves, the company's founder, will rejoin its controlling group after he is cleared of charges in a corruption investigation.

The executives who will reportedly raise their ownership stakes in BTG include CEO Roberto Sallouti, CFO Joao Dantas, head of wealth management Rogerio Pessoa, head of treasury and credit Renato Santos, head of special situations Alexandre Camara, and COO for global asset management Allan Hadid.

BTG Pactual declined to comment on the shakeup, according to the report.

Esteves was removed as BTG's chairman and CEO following his arrest in a corruption probe in November 2015. He was released soon thereafter and is now a senior partner at the bank. Brazilian prosecutors said in September 2017 that there is not enough evidence against Esteves, adding that he should be cleared by a federal court. At an industry conference in November 2017, BTG CEO Sallouti said Esteves will not reassume his former chairman and CEO positions once he is acquitted.

The top seven partners at BTG took control of the bank in December 2015 through a share swap agreement with Esteves.

Meanwhile, Bloomberg's sources also said BTG Pactual may help Chairman Kalim with his plans to launch a new company by providing it credit and technological assistance.