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Report: BTG Pactual chairman's new digital bank to be called C6Bank

A new Brazilian digital bank currently under development by Marcelo Kalim, the chairman of Banco BTG Pactual SA, and two other executives of the banking giant, will be called C6Bank, an unnamed source told Valor Econômico.

Kalim, along with Carlos Fonseca and Leandro Torres, are currently seeking approval from Brazil's central bank for the company, while a team is developing the technological environment for the new wholly digital lender, the publication reported.

Earlier reports said the three executives will launch the new business with a starting capital of around 500 million Brazilian reais. They also reportedly signed a non-compete agreement with BTG Pactual which will bar C6Bank from operating in certain segments within a certain period of time.

Meanwile, Kalim will reportedly shed his holdings in BTG Pactual gradually and ultimately relinquish his role at the end of 2018. Andre Esteves, the company's founder, will rejoin its controlling group after he is cleared of charges in a corruption investigation, according to media reports.

As of March 15, US$1 was equivalent to 3.29 Brazilian reais.