Julius Baer to Divest Brazilian Wealth Management Business to BTG Pactual

Julius Baer Group Ltd. has announced its agreement to sell its Brazilian wealth management business to Banco BTG Pactual S.A. This decision follows a review of its operations in Brazil over the last year. Despite this sale, Julius Baer will continue to serve Brazilian clients from other international locations. The group's presence in the Americas includes Mexico, Chile, Uruguay, Colombia, and Spain.

Julius Baer's Brazilian operations served high-net-worth clients with assets under management totaling BRL 61 billion as of November 2024. The anticipated transaction, subject to regulatory approvals and valued at BRL 615 million, is expected to enhance Julius Baer's CET1 capital ratio by 30 basis points upon closing in early 2025.

Carlos Recoder, Head Americas & Iberia at Julius Baer, emphasized the strategic decision to enhance investment capabilities and technology as part of a multi-family office approach, with BTG Pactual providing a differentiated value proposition for clients and employees.