Brazil-based BTG Pactual announced it will acquire HSBC’s Uruguay operations for $175 million. This is the bank’s first move into the Spanish-speaking Latin American market and will strengthen its presence in the region.
With this acquisition, BTG Pactual will operate in retail banking, corporate lending, investment banking and wealth management. The bank will serve both individual and corporate clients.
Rodrigo Goes, a partner at BTG Pactual, told Reuters that this move is “consistent with their strategy to increase revenue diversification in Latin America outside of Brazil.”BTG Pactual, which has experienced rapid international growth in recent years, established BTG Pactual Europe by acquiring M.Y. Safra in 2024 and FIS Privatbank in 2023. Goes stated that this new deal is “a very interesting and opportunistic transaction and that they completed it at a very attractive price.” The Uruguay operation, with approximately 50,000 customers and 7% market share, will be acquired.
The agreement includes capital and additional financial instruments, and adjustments will be made until closing subject to regulatory approvals and capital changes. The transaction is expected to be completed within 6 to 12 months.
BTG Pactual also operates in Chile, Colombia, Mexico, Peru and Argentina, in addition to Brazil.
In Peru, the bank is awaiting a response to its banking license application and anticipates the process will be completed within 9 to 12 months. It is also exploring new opportunities in Mexico, but no deals have been reached so far. “We are being very cautious about the price and haven’t found the right opportunity yet,” Goes said.
