Brazil's BTG makes major digital play
Brazilian investment bank BTG Pactual unveiled a major move to integrate its entire digital operations.
The bank created the BTG Pactual Digital unit, which will comprise services for SMEs, services offered through local commercial lender Banco Pan, insurance, data analysis, and the boostLAB scale-up accelerator.
BTG owns Banco Pan together with state-owned bank Caixa.
BTG hired Amos Genish to head the digital area. Genish is a prominent executive in Brazil and a former CEO of Telefônica Brasil and also Telecom Itália.
Brazilian banks are investing heavily in their digital operations due to the public's fast-growing use of the internet and smartphones for their financial affairs.
SALE OF SHARES
Meanwhile, BTG said it plans to sell shares via a public offering.
The bank plans to raise around 2bn reais (US$500mn) through the offering and is in the process of hiring financial advisers for the operation.
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