ECONOMY

EFG in talks to buy BSI

efg-in-talks-to-buy-bsi

Grupo BTG Pactual AG, the Brazilian investment bank trying to shore up cash after its founder’s arrest, is in talks to sell its Swiss bank BSI to EFG International AG, according to a person with knowledge of the matter.

EFG is the main interested party, said the person, who asked not be identified because the talks are private.

The company, controlled by Greek billionaire Spiros Latsis, was the highest bidder and is likely to enter into exclusive negotiations on a transaction that could value the company at $1.2 billion, the Financial Times reported on Tuesday.

[Bloomberg]