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Brazil's BTG Pactual has begun merger talks with Chilean financial services Celfin Capital to create "Latin America's biggest investment bank, which leads in the region's most important markets," the Santiago-based firm said in a statement.
The transaction is subject to due diligence and regulatory approvals, as well as both parties agreeing to the agreement's final terms, the statement reads.
BTG Pactual, owned by local billionaire André Esteves, is Brazil's biggest local investment bank, with US$64.5bn in assets under management in emerging markets and US$21.5bn in private wealth assets.
Celfin manages some US$11bn in private wealth and third party assets. It also operates in the brokerage, corporate finance and institutional sales areas and has offices in Peru and Colombia.