BTG Pactual Finalizes US Bank Acquisition in Major Strategic Push

SÃO PAULO & NEW YORK – January 05, 2026

BTG Pactual, Latin America's largest investment bank, has officially planted its flag in the U.S. banking sector, announcing today the completion of its acquisition of M.Y. Safra Bank. The move, which rebrands the New York-based entity as BTG Pactual Bank, N.A., grants the financial powerhouse a coveted U.S. national banking license, significantly escalating its ambitions in the world's largest economy.

A Strategic Gateway to the U.S. Market

This transaction marks the culmination of a strategy years in the making. While BTG Pactual has maintained a U.S. presence for over 15 years through its broker-dealer and asset management arms in New York and Miami, this acquisition fundamentally transforms its operational capabilities. The new banking license allows it to move beyond advisory and investment services to directly accept deposits and extend loans within the American market.

"The finalization of this acquisition represents a crucial strategic move for our expansion in the United States," said Roberto Sallouti, CEO of BTG Pactual, in a statement. "We are strengthening our capability to deliver integrated, exclusive, and personalized solutions for clients across Latin America, Europe, and the US, while maintaining the BTG Pactual standard of excellence."

The move is widely seen as a bid to create a seamless financial bridge for its substantial international client base. For years, wealthy individuals and corporations in Latin America have sought stable, efficient access to U.S. dollar-based services and investments. By establishing a fully chartered bank, BTG Pactual can now directly cater to this demand, offering a one-stop shop for clients who previously had to navigate multiple financial institutions for their cross-border needs. The new bank, with its initial net equity of US$46.2 million reported when the deal was first announced in June 2024, provides the foundational infrastructure for this expanded vision.

Entering a Crowded and Complex Arena

BTG Pactual Bank, N.A. enters a U.S. private banking and wealth management market that is both lucrative and fiercely competitive. The sector, valued at nearly $90 billion in 2023, is projected to grow exponentially, fueled by a rising number of high-net-worth individuals (HNWIs) demanding sophisticated financial solutions.

The new entity will contend with domestic behemoths like J.P. Morgan Private Bank and Bank of America Private Bank, as well as established international players such as UBS Global Wealth Management, which have long dominated the U.S. landscape. Success will depend on BTG Pactual's ability to differentiate itself. Its primary advantage lies in its deep roots and extensive network across Latin America, positioning it as the go-to institution for clients in that region.

The acquisition also aligns with broader market trends. The U.S. wealth management industry is experiencing a wave of consolidation and a pronounced shift toward integrated advisory models. Clients are increasingly seeking holistic relationships where they can bank, invest, and receive financial planning advice under a single, trusted umbrella. By integrating M.Y. Safra Bank's private banking DNA with its own investment prowess, BTG Pactual is positioning itself to meet this evolving demand head-on.

Navigating the Regulatory Gauntlet

Securing the deal required navigating a complex and stringent regulatory landscape, culminating in approvals from key U.S. authorities, including the Federal Reserve Board. As a national bank, BTG Pactual Bank, N.A. will now operate under the rigorous oversight of both the Fed and the Office of the Comptroller of the Currency (OCC).

This regulatory framework imposes significant obligations, including strict anti-money laundering (AML) protocols, robust capital and liquidity requirements, and periodic stress testing. While these compliance demands represent a considerable operational undertaking, they also confer a high degree of credibility and stability. For international clients, the assurance of U.S. regulatory oversight is a powerful draw, signaling a secure and transparent environment for their assets.

This dual role of regulation as both a hurdle and a hallmark of quality is a defining feature for foreign banking organizations in the U.S. By successfully clearing this process, BTG Pactual has not only gained market access but has also earned a badge of institutional strength that can be leveraged to attract discerning global clients.

An Integrated Ecosystem for a Global Clientele

The core of the strategy is to build a comprehensive financial ecosystem for its clients. The acquisition is less about acquiring a specific asset base and more about acquiring the capability to serve its existing and future clients more completely. The new bank will primarily focus on serving HNWIs and corporations from the diverse jurisdictions where BTG Pactual already operates, facilitating their financial journey into the U.S.

Kathleen Romagnano, who transitions from M.Y. Safra Bank to become President and CEO of the new BTG Pactual Bank, N.A., highlighted the focus on continuity and expanded service. "Our shared commitment to excellence, innovation and personalized service will ensure a seamless transition for clients and access to an even broader suite of products, services and solutions under our new umbrella," she stated.

This means a client in Brazil or Portugal can now seamlessly open a U.S. bank account, secure a U.S. dollar-denominated loan, and have their investments managed by the same trusted financial partner. For corporate clients, it opens the door to integrated services that combine corporate lending, treasury management, and investment banking advisory within the U.S. market. This holistic approach, which leverages a team of over 280 professionals already on the ground in the U.S., is designed to capture a larger share of each client's financial life and solidify long-term relationships. By transforming its U.S. operation from a series of specialized firms into a full-fledged bank, BTG Pactual is making a definitive statement about its global ambitions and its commitment to serving its clients wherever their financial needs may take them.