André Esteves, a well-known Brazilian dealmaker, has purchased Julius Baer's Brazilian operations, making it his third acquisition of a Swiss financial institution.
Esteves, who is known for his strategic skills and ambitious approach, has significantly increased his wealth through these types of transactions.
The sale is a response to a rapid decline in private clients and uncertainty surrounding Julius Baer's Brazilian business.
The deal, valued at around $100 million, has been finalized with BTG Pactual, a leading Brazilian financial services provider, taking over the activities of the Swiss private bank.