Deals
BTG's Partners Said to Plan Buying Esteves's Stake After Arrest
- Supreme Court decides to extend banker's arrest, lawyer says
- BTG saw $1.1 billion in fund withdrawals after arrest
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BTG Pactual’s partners are in talks to buy former Chief Executive Officer Andre Esteves’s controlling stake in the bank after his arrest last week, said a person with knowledge of the matter. Brazil’s Supreme Court extended the billionaire’s arrest on Sunday, his lawyer said.
The partners are still trying to work out details for the purchase as they seek to insulate the bank from Esteves and stem fund withdrawals if he remains in jail, the person said, asking not to be identified because discussions are private. BTG has 64 partners, according to its website.