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BTG gains approval for UK subsidiary

Brazil's central bank has authorized BTG Pactual Group to set up a financial subsidiary in London, Valor Económico reported.

The bank, which already has an office in the U.K., plans to capitalize the new subsidiary with an initial £16 million.

The approval comes as BTG Pactual at the end of 2018 announced a series of governance changes that will see founding partner André Esteves return to a leadership position three years after being removed from his executive position amid corruption charges tied to the sprawling Lava Jato investigation.

In a Dec. 28, 2018, statement, BTG Pactual said that Esteves, who was acquitted of wrong doing five months ago, will be one of five partners at the controlling group, pending necessary regulatory approvals.

The bank also announced that Marcelo Kalim agreed to transfer his stake in G7 Holding and step down as chairman of Banco BTG Pactual SA's board of directors. Nelson Jobim, a current board member, took over as chairman.

BTG Pactual is the biggest investment bank in Latin America, and one of the largest banks in Brazil.