BTG Said to Fire 60 at Chile’s Celfin Amid Integration

Grupo BTG Pactual (BBTG11), the Brazilian bank that purchased Chilean brokerage Celfin Capital SA in February, fired about 60 people from the business, according to a person with direct knowledge of the matter.

Celfin, Chile’s biggest brokerage, has about 600 employees after the move, which was part of the process of integrating the two companies, said the person, who asked not to be identified because the decision hasn’t been made public. The person didn’t have more details about which employees were affected.

BTG said in February it planned to acquire Santiago-based Celfin for about $486 million. The Brazilian central bank approved the transaction on Oct. 30 and the acquisition was concluded on Nov. 13, BTG said in regulatory filings.

BTG declined to comment on the firings, said an official who asked not to be identified in keeping with company policy. Celfin declined in an e-mailed statement to comment on its workforce policies.

To contact the reporter on this story: Cristiane Lucchesi in Sao Paulo at clucchesi5@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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