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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"

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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.

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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.

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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.

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