Julius Baer, a wealth manager based in Zurich, has announced its intention to sell its wealth management business in Brazil. The decision is part of the bank's strategic realignment and was made public on Tuesday morning.
BTG Pactual, an investment bank in Brazil, is reportedly preparing to make an offer to purchase the Brazilian unit within the next week. The estimated value of the transaction is around 1 billion Brazilian real, which is equivalent to approximately 150 million Swiss francs.