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Reports: Esteves to return to BTG Pactual, although role still uncertain


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According to Market Intelligence, April 2023

Reports: Esteves to return to BTG Pactual, although role still uncertain

FormerBTG Pactual Group CEOAndré Esteves told employees at the bank's headquarters in São Paulo that he will be returningto the company, although his exact role is unclear, Bloomberg News reported, citingsources with knowledge of the meeting.

It isunlikely that Esteves will become CEO again in the near future, but he could assumea leading advisory position, the sources reportedly said.

Brazil'sSupreme Court recently releasedEsteves from house arrest, which leaves him free to return to BTG Pactual, althoughhe still faces travel restrictions.

Estevesalready has held discussions with BTG's top partners over what his position willbe, and a decision could be announced in the coming days, Valor Econômico reported.

"Alot remains to be discussed to find a way forward, which will be different thanbefore," Valor Econômico quoted oneof the partners as saying.

The returnof Esteves to BTG Pactual would also depend on the central bank's approval and,in this regard, the central bank reportedly said that in such cases it would alsoconsider ongoing judicial processes in assessing the reputational risk to the institutionconcerned.

Esteveswas arrested in November2015 as part of an investigation into the so-called Lava Jato ongoing inquiry intocorruption at state-run oil company Petrobras and later jailed in a Rio de Janeiroprison for his role in the scandal before being placed under house arrest.

The executive'sarrest triggered a series of problems for BTG Pactual, which has been forced tosell assets, let go workers and review its global expansion plans in the wake ofthe scandal.

Valor Econômico reported separately that Estevesis still being investigated as part of the wider Lava Jato corruption probe.