Grupo BTG Pactual, controlled by the Brazilian billionaire Andre Esteves, hired Adriano Lima Borges as head of the Latin American business except Brazil, according to two people familiar with the matter.
Borges was a director of Itau BBA, the wholesale arm of Itau Unibanco Holding SA (ITUB4), since August 2009. He was a managing director of Merrill Lynch & Co. from May 2008 to June 2009 and a senior banker at Credit Suisse Group AG in Brazil. Borges has also worked for Lehman Brothers Holdings Inc.
Borges didn’t respond to calls for comment. Officials at Itau and BTG declined to comment.
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