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Report: Chairman Kalim to leave BTG Pactual to start fintech business

Marcelo Kalim, the chairman of Brazil's BTG Pactual Group, is negotiating his departure from the investment bank in order to pursue a fintech project with two other former BTG partners Valor Econômico reported citing unnamed sources.

Kalim, along with Carlos Fonseca and Leandro Torres, reportedly will launch the new business with starting capital of around 500 million Brazilian reais. The sources quoted by the publication, did not, however, agree on whether the venture is tied to BTG or is an independent undertaking.

"BTG Pactual clarifies that Mr. Marcelo Kalim continues as chairman of the board of directors, a member of the control group and a relevant shareholder of the company," the bank reportedly said in response to a question from Valor Econômico.

As of Nov. 29, US$1 was equivalent to 3.22 Brazilian reais.