BTG Pactual Says Founder Esteves to Return as Senior Partner

  • Billionaire was released from house arrest on Monday
  • Esteves will focus on partnership matters, Brazilian bank says

Brazil’s Grupo BTG Pactual said its billionaire founder, Andre Esteves, is returning to the investment bank as a senior partner, two days after the country’s Supreme Court freed him from house arrest.

Esteves, who addressed BTG employees hours after the court’s decision on Monday, will focus on partnership matters, “advising Banco BTG Pactual SA on strategy and supporting the development of its activities and operations,” the bank said in a statement Wednesday.

Persio Arida will remain as chairman, a position he took over from Esteves after the billionaire was jailed in November, BTG said. Marcelo Kalim and Roberto Sallouti, who shared the chief executive officer spot Esteves held prior to his arrest, will continue in their positions, according to the statement. The bank’s shareholding structure, which doesn’t include Esteves among the controlling holders, will also stay the same, BTG said.

Esteves, 47, spent three weeks in Rio de Janeiro’s infamous Bangu prison on allegations he tried to tamper with the testimony of a former Petroleo Brasileiro SA executive in the investigation that has engulfed the state-run oil giant. He was released from Bangu in December and ordered to be held instead under house arrest. He has denied wrongdoing through his lawyer since the arrest in November.

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