May 10, 2019 / 2:59 PM / a year ago

Brazil's BTG Pactual rules out sale of EFG International stake - CFO

SAO PAULO, May 10 (Reuters) - Brazilian investment bank Banco BTG Pactual SA is not considering a divestment of its stake in Swiss private bank EFG International, BTG's chief financial officer said on Friday.

CFO João Dantas said controlling shareholders in BTG Pactual were happy with their stake in EFG and want to keep it.

Dantas said the bank might in the future consider a corporate reorganization for its 29% stake in EFG, but a sale was ruled out.

A corporate reorganization would aim at simplifying BTG's structure and allow investors to better perceive the bank's stand-alone profitability.

The bank's stand-alone profitability reached 18.7% in the first quarter, while EFG's return on equity came in at only 4.4%.

Chief Executive Roberto Sallouti told analysts in a conference call on Thursday that investors do not see a clear synergy between BTG Pactual and EFG and that the bank was taking that into consideration, but did not have any announcements to make for now. (Reporting by Carolina Mandl; editing by Jonathan Oatis)

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