• Named BTG+, the unit will be headed by BTG’s partner Rodrigo Cury;
• The bank plans to attract non-clients as of January 2021.

Brazilian investment bank Banco BTG Pactual launched on Monday its retail digital banking unit with free checking accounts, Chief Executive Roberto Sallouti said.

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Named BTG+, the unit will be headed by BTG’s partner Rodrigo Cury. BTG unveiled plans to launch a retail unit in May 2019, lured by high margins and growth prospects in Brazil’s heavily concentrated banking sector.

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At first, banking services will be offered only to clients of BTG’s investment platform, but the bank plans to attract non-clients as of January 2021.
Sallouti said the retail segment would likely account for half of the bank’s net profit five years from now, but did not provide an estimate for the number of customers.