BTG Pactual is buying Julius Baer’s Brazilian unit in a $164 million deal, local media reports Reuters

SAO PAULO (Reuters) – Brazilian investment bank BTG Pactual is set to announce the acquisition of a Swiss private bank Julius Baer (SIX:) in a deal worth around one billion reais ($163.6 million), O Globo newspaper reported on Monday.

BTG Pactual will announce the deal this week, according to the report, which did not specify how the information came about.

BTG Pactual and Julius Baer declined to comment.

Reuters reported in November, citing sources, that Julius Baer had tapped Goldman Sachs to advise it on the sale of its Brazilian business.

(1 USD = 6.1113 reais)