Banco BTG Pactual SA sees an opportunity to grow its loan portfolio as state-run banks in Brazil retrench, Bloomberg News reported Jan. 31, citing Vice Chairman Huw Jenkins.
"The opportunity for us in the credit market is very attractive," the executive was quoted as saying. Jenkins also noted the bank will focus mostly on "secured, medium-term corporate financing" as it expands lending.
State-owned banks have been scaling back on lending amid efforts by the government to cut back on capital needs. Central bank data showed that government-owned banks had 1.67 trillion Brazilian reais in total loans in December 2017, down 7% from January 2016, the report cited. Market share also fell to 54% of total credit from 56%.
Banco BTG Pactual also hopes to strengthen its global hedge fund business, such as increasing the assets of its Global Emerging Markets and Macro Fund to about $2 billion, compared to the $1.2 billion the bank has in total assets under management.
As of Jan. 31, US$1 was equivalent to 3.17 Brazilian reais.
