Fitch puts Banco BTG Pactual, units on watch

Fitch Ratings said it placed Banco BTG Pactual SA and its related entities on Rating Watch negative following the arrest of its CEO and main shareholder, Andre Esteves.

The Rating Watch reflects the risks from the possible financial and business impact upon BTG Pactual and its subsidiaries related to the arrest of its CEO and main shareholder, Fitch said in a news release. In Fitch's view, the wholesale funding nature of the bank and the dependence on its franchise to perform its normal business may be undermined.

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