Facing a serious liquidity crisis following a reputational hit, BTG Pactual’s managers moved fast. In the space of weeks rather than months, they embarked on a course of asset sales, shored up lines of credit and, most dramatically, changed the strategic course of the bank.
One major asset being sold, the Swiss private bank BSI, was only purchased finally in September 2015. In February the bank announced that BSI was being sold to Zurich-based EFG International for SFr1.33bn ($1.33bn), which is slightly more than the $1.25bn paid last year.
