Brazil’s Grupo BTG Pactual to spin off commodities arm-Bloomberg

April 8 Brazilian investment bank Grupo BTG
Pactual plans to spin off its commodity-trading unit
in a deal that values the business at about $1.6 billion,
Bloomberg reported, citing a person familiar with the matter.

The formal separation of the unit, which would be renamed
Engelhart Commodities Partners, is aimed at retaining talent and
insulating the commodities business from the bank after its
founder and former chief executive Andre Esteves was arrested in
November, Bloomberg said. (bloom.bg/1S1b5eJ)


Grupo BTG Pactual said on Thursday that an independent probe
had found no sign of illicit practices by Esteves, who was
arrested for allegedly obstructing justice in a corruption
investigation.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Anupama
Dwivedi)

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Source URL:http://www.reuters.com/article/btg-pactual-sa-commodities-idUSL3N17B3BL

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