Skip to content
Subscriber Only

BTG Sheds $4 Billion in Value Over Two Days On Police Probe

  • Stock has lost more than 30% since Friday’s police search
  • BTG says Monday accusation absurd, strongly denies wrongdoing
Andre Esteves
Andre EstevesPhotographer: Chris Ratcliffe/Bloomberg
Updated on

Banco BTG Pactual SA extended a two-day plunge as new allegations added to an ongoing investigation targeting the Brazilian bank.

BTG’s units slumped as much 30% on Monday as local website O Antagonista said Brazil’s police are investigating allegations that the bank had a department advising clients on money laundering. BTG said in a statement that the report was “absurd” and strongly denied any irregularities.