The Federal Reserve Board has approved the application submitted by Banco BTG Pactual S.A., based in Rio de Janeiro, Brazil, along with its parent holding companies and subsidiary, BTG Pactual Bancorp, LLC of New York. The approval allows these entities to acquire M.Y. Safra Bank, FSB, which is also located in New York.
“The Federal Reserve Board on Thursday announced its approval of the application by Banco BTG Pactual S.A., of Rio de Janeiro, Brazil, its parent holding companies, and subsidiary, BTG Pactual Bancorp, LLC, of New York, New York, to acquire M.Y. Safra Bank, FSB, of New York, New York,” according to the official statement from the Board.
This decision enables BTG Pactual to expand its presence in the United States banking sector through the acquisition of M.Y. Safra Bank.