Completing the Southern Cone triad, BTG Pactual is preparing to plant its flag in one of South America’s main financial capitals: Montevideo. The company announced its entry into the Uruguayan market through the acquisition of HSBC‘s operations in the country, including retail, corporate, and investment banking businesses.
The Brazilian investment bank announced the deal—subject to customary regulatory approvals—via a press release, valuing the transaction at $175 million, including both capital and additional capital instruments. With this move, the firm aims to consolidate its regional presence.
HSBC Uruguay closed 2024 with five branches, $144 million in capital, and $47 million in additional capital instruments held by the HSBC Group, bringing total capital to $191 million, as detailed in the announcement.
On its institutional website, HSBC describes itself as the largest international bank operating in the Latin American country and the fifth-largest private bank in Uruguay by assets. It offers services in retail banking, corporate and SME banking, investment banking, and wealth management, as well as treasury and agricultural business services.
HSBC began its operations in Uruguay in 2000 with 60 employees, growing the operation to the 260 people it currently employs. In 2023, they inaugurated a new headquarters in the country, located in the World Trade Center Montevideo.
The arrival of BTG in Uruguay marks another step in the international expansion the Brazilian financial group has been pursuing in recent years.
International Reach
“The acquisition of HSBC in Uruguay is an important step in our internationalization strategy and strengthens our presence in the region. We want to be the bank for Latin Americans, offering the comprehensive range of services and renowned quality of BTG Pactual. We continue to grow solidly and consistently, and we will bring to the Uruguayan market solutions that combine security, technology, and excellence,” said Roberto Sallouti, CEO of the firm, in the press release.
The Brazilian firm has been expanding across the continent. Most recently, last year, they initiated the acquisition of the U.S. bank M.Y. Safra—which has offices in New York and Miami—with the goal of enhancing services for Latin American clients in the U.S.
Additionally, the firm recently founded BTG Pactual Europe, following the acquisition of FIS Privatbank, a bank based in Luxembourg. Thus, the firm strengthens its position in Europe, where it also maintains a physical presence in Portugal, Spain, and the United Kingdom.
The new Uruguayan operation will fall under the umbrella of BTG’s Latin American operations (excluding Brazil, naturally), led by partner Rodrigo Goes. This includes branches in Mexico, Colombia, Peru, Chile, and Argentina.
“We know this clientele well and are confident there is an opportunity to provide excellent services that meet the expectations of Latin Americans, now a global community. We believe there is synergy among the countries that will help strengthen the business environment across the continent, and we will also pay close attention to the particularities of the Uruguayan market, offering personalized services tailored to the needs of each client,” Goes stated in the release.
