Banco BTG Pactual SA said its shareholders approved the conversion of 100,000,000 class B preferred shares into as many class A preferred shares.

The conversion, approved at an extraordinary meeting held Dec. 20, was requested by one of the investment bank's shareholders, BTG said without naming the shareholder.

The move follows Brazil's central bank approving a request from André Esteves, BTG's founder and former CEO, to rejoin the company's controlling group, formally known as G7 Holding, The banker was arrested in late 2015 as part of a corruption investigation but was cleared of charges in 2018.

The class A shares do not carry any voting rights, but have priority in the repayment of capital, according to Reuters.