Esteves Steps Down as BTG’s CEO, Chairman After Arrest Extended

  • Interim CEO Persio Arida will take over as chairman, bank says
  • Partners Sallouti, Kalim be named co-CEOs of investment bank

BTG Pactual Allays Customer Fears of a Cash Crunch

Brazilian billionaire Andre Esteves renounced all his posts at Grupo BTG Pactual SA after he was jailed indefinitely, the bank said late Sunday.

Esteves was BTG’s chairman and chief executive officer until Wednesday, when he was arrested amid Brazil’s largest corruption probe. Persio Arida, who was named interim CEO the same day, will step down from that role and serve as the bank’s chairman, BTG said in an e-mailed note.

BTG, the largest independent investment bank in Latin America, also named Roberto Sallouti and Marcelo Kalim, both partners at the firm, as co-CEOs.

Brazil’s Supreme Court extended the billionaire’s jail time on Sunday, his lawyer said, at the request of public prosecutor Rodrigo Janot. Esteves was arrested Nov. 25 on allegations he and Senator Delcidio Amaral tried to interfere with the testimony of a former Petroleo Brasileiro SA executive who was jailed in January in the nation’s biggest corruption scandal. Esteves has denied the accusations through his lawyer.

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