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BTG Pactual Shakes Up Partnership as Chairman Leaves

  • Esteves said to be poised to rejoin bank’s controlling group
  • Kalim is said to be starting bank with possible BTG support

A new generation is taking over Banco BTG Pactual SA as Andre Esteves, the firm’s charismatic founder, awaits acquittal in a corruption scandal.

Esteves will rejoin the investment bank’s controlling group once he’s cleared, while Chairman Marcelo Kalim gradually sells his BTG holdings to start his own company, according to three people with direct knowledge of the matter. Other leaders including Chief Executive Officer Roberto Sallouti will boost their ownership stakes and influence in the shakeup, the people said, asking not to be identified discussing non-public information. Kalim is one of the three biggest BTG partners and also one of the two largest on the controlling group.