Julius Baer to sell its domestic Brazilian business to BTG Pactual

Zurich/São Paulo, 7 January 2025 – Julius Baer Group today announces the signing of an agreement to sell its domestic Brazilian wealth management business, Julius Baer Brasil Gestão de Patrimônio e Consultoria de Valores Mobiliários Ltda. (Julius Baer Brazil), to Banco BTG Pactual S.A. (BTG). Julius Baer will continue to service Brazilian clients out of other locations and as such, the Brazil International business remains unaffected. In Region Americas & Iberia, Julius Baer has presences in Mexico, Chile, Uruguay, Colombia, and Spain.

Julius Baer Brazil, with offices in São Paulo, Belo Horizonte, and Rio de Janeiro, is a leading independent wealth manager in Brazil with a high-calibre client base, focused on high and ultra-high-net-worth segments, and seasoned relationship managers and investment professionals. As of 30 November 2024, it had assets under management of BRL 61 billion (CHF 9 billion).

The transaction is expected to be approximately 30 bps accretive to Julius Baer’s CET1 capital ratio at close, based on a total cash consideration of BRL 615 million (CHF 91 million). Closing of the transaction is subject to customary regulatory approvals and expected in the first quarter of 2025.

Carlos Recoder, Head Americas & Iberia, Julius Baer, said: “Following a thorough review of our domestic business in Brazil over the past 12 months, it was concluded that for the benefit of our clients it is important to preserve the multi-family office approach, while further enhancing investment capabilities and upgrading technology. The acquisition of our domestic Brazilian franchise by BTG, a leading domestic financial institution, makes this possible and allows to deliver a compelling and differentiated value proposition for our clients and employees.”

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About Julius Baer

Julius Baer is the leading Swiss wealth management group and a premium brand in this global sector, with a focus on servicing and advising sophisticated private clients. In all we do, we are inspired by our purpose: creating value beyond wealth. At the end of June 2024, assets under management amounted to CHF 474 billion. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank with origins dating back to 1890, is the principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange (ticker symbol: BAER) and are included in the Swiss Leader Index (SLI), comprising the 30 largest and most liquid Swiss stocks.

Julius Baer is present in around 25 countries and 60 locations. Headquartered in Zurich, we have offices in key locations including Bangkok, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Mexico City, Milan, Monaco, Mumbai, Santiago de Chile, São Paulo, Shanghai, Singapore, Tel Aviv, and Tokyo. Our client-centric approach, our objective advice based on the Julius Baer open product platform, our solid financial base, and our entrepreneurial management culture make us the international reference in wealth management.

For more information visit our website at www.juliusbaer.com

BTG Pactual

BTG Pactual is the largest investment bank in Latin America and operates in Investment Banking, Corporate Lending and Business Banking, Sales & Trading, Wealth Management & Personal Banking, and Asset Management. Since its creation in 1983, BTG Pactual has fostered a culture of partnership, with a focus on its clients, excellence, and a long-term vision. BTG Pactual currently employs over 7,000 people in offices in Brazil, Chile, Argentina, Colombia, Peru, Mexico, the United States, Portugal, Spain, Luxembourg, and the United Kingdom. As of the end of September 2024, BTG Pactual managed more than USD 335 billion in client assets worldwide, with a net worth of USD 10.3 billion, total assets of USD 112 billion, and a market value of USD 23 billion.