Business

Colombia's regulator gives BTG Pactual nod to transform brokerage into a bank in Colombia

BTG Pactual told LABS that "from this movement, the bank will be able to increase its competitiveness in the investment bank market in Colombia"

BTG PACTUAL CREDIT FOR STARTUPS — Photo: Shutterstock

LABS

16.May.2021 11:01 BRT

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The banking operation is scheduled for this year;
Currently in Colombia, BTG has more than $5 billion in assets under management.

Brazilian financial services provider BTG Pactual received authorization from the Financial Superintendence of Colombia to transform its brokerage in Colombia into an investment bank, a process similar to what was done in 2014 in Chile.

BTG Pactual told LABS that “from this movement, the bank will be able to increase its competitiveness in the investment bank market in Colombia, offering its customers a more complete range of products and services”. The operation is scheduled for this year.

The authorization was granted through BTG’s Chilean subsidiary. According to La República, the Colombian regulator authorized a subscribed and paid-in capital of COL 105 billion, of which 94.5% will be contributed by BTG Chile.

Currently in Colombia, BTG has more than $5 billion in assets under management. With a presence in Brazil, Chile, and Colombia, BTG Pactual has a total of $62 billion in assets under management.