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BTG Pactual accelerates digital retail strategy

Banco BTG Pactual SA plans to accelerate its growth in retail banking with the launch of a digital platform catering to the segment, Valor Econômico reported, citing Amos Genish, the bank's head for its newly integrated retail division.

The Brazilian bank's new retail unit combines its investment, credit, checking account and insurance operations in one platform, with tech-savvy Genish taking the helm. According to Reuters, the platform will now offer its services to medium-sized enterprises.

Genish is the founder of telephone company GVT and a former president at Telefónica Vivo and TIM Brasil. His background in the technology sector matches BTG Pactual's agenda to branch out in the financial technology industry, Valor said.

BTG Pactual seeks to become the sixth-largest bank in the retail segment, catering to about 3 million customers. The bank traditionally operates in investment banking, wealth management and asset management, but has been shifting its strategy to regain investor confidence and redefine its core businesses.

According to Genish, BTG Pactual's new retail unit, which is currently an integration of the bank's existing assets, will eventually adopt a unique brand. BTG Pactual plans to develop its digital retail bank image over the first year of operations, the executive added. The new digital platform will enable bills payment by the end of the year, as well as debit and credit cards over the next year.

Meanwhile, BTG CEO Roberto Sallouti said the bank's secondary share offering is meeting investors' demand for more liquidity, Valor reported. The bank earlier said it will sell about 2 billion reais of its shares, held by BTG Pactual Holding SA, in the secondary offering.

The bank also plans to transfer an approximate 25% stake in EFG International AG to BTG Pactual Holding, in a corporate reorganization which will see the banking unit retain about 5% in the Switzerland-based company.

As of May 29, US$1 was equivalent to 4.00 Brazilian reais.