S&P puts Banco BTG Pactual on developing watch

Standard & Poor’s said it placed the BB+/B global scale and brAA/BrA-1 national scale ratings on Banco BTG Pactual on CreditWatch with developing implications.

The watch follows news that the bank signed a binding agreement to acquire all of the shares of BSI SA, a Swiss private bank that Assicurazioni Generali indirectly owns, S&P said.

This purchase reflects the bank’s desire to expand its global platform by offering asset management products in Europe, S&P said.

After the merger, the bank will have about 65% of its exposures in Brazil and the remainder in Switzerland, which is considered as lower risk than Brazil, the agency said.

Although the bank plans to integrate BSI into its operations, it will maintain its brand, S&P added.

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