BTG Pactual, a Latin American investment bank, has agreed to acquire privately owned US bank M.Y. Safra Bank for an undisclosed price.

According to BTG Pactual, the transaction aims to enhance the product offering while maintaining a commitment to excellence and innovation in client services.

BTG Pactual CEO Roberto Sallouti said: “The acquisition of M.Y. Safra Bank is another step in expanding our product and service offerings to our Latin American clients.

“We are expanding our operations in the United States to increasingly provide customised products and personalised service to our clients.”

Headquartered in New York City, M.Y. Safra Bank operates as a federal savings bank under the regulation of the Office of the Comptroller of the Currency (OCC) in the US.

The bank is insured by the Federal Deposit Insurance Corporation (FDIC) and operates as an equal housing/equal opportunity lender.

Established in 2013, M.Y. Safra Bank focuses on delivering financial products and solutions to personal, business, and private banking clients, with a strong presence in commercial and residential real estate lending. Its clientele includes high net worth individuals, family offices, and businesses.

As of 31 March 2024, the bank reported a loan portfolio of $275m, total assets of $404m, and net equity amounting to $46m.

M.Y. Safra Bank president and CEO Kathleen Romagnano said: “Our agreement with BTG Pactual will enable us to offer an even broader suite of services and solutions for our clients and opportunities for our employees. We share a commitment to excellence, innovation and personalised service.”

The transaction’s completion and closure are contingent upon verifying specific conditions, including securing all required regulatory approvals. Following the closure, M.Y. Safra Bank will undergo a name change.

Headquartered in Brazil, BTG Pactual operates across various sectors including investment banking, corporate and business banking, sales and trading, wealth management, personal banking, and asset management.

As of the end of March 2024, BTG Pactual managed over $327.4bn in client assets globally, with equity totalling $10.4bn, total assets amounting to $113.6bn, and a market capitalisation of $28bn.