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How Brazil's Banking Golden Boy, Arrested in Rio, Built an Empire

  • Esteves became youngest self-made billionaire with UBS deal
  • BTG Pactual names Arida as interim chief as shares tumble
Bloomberg business news

Brazil Corruption Probe Nets BTG Pactual CEO Esteves

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Andre Esteves, the brash banker who once joked his firm’s name, Grupo BTG Pactual, stood for ‘better than Goldman,’ became the latest high-profile executive dragged into Brazil’s widening corruption scandal.

The 47-year-old billionaire was arrested Wednesday in Rio de Janeiro, along with Senator Delcidio Amaral, police said. Esteves allegedly sought an agreement with Amaral to interfere with testimony from a jailed former executive of oil producer Petroleo Brasileiro SA, according to a court document.