Julius Baer Brazil serves high and ultra-high-net-worth clients in São Paulo, Belo Horizonte, and Rio de Janeiro.

Julius Baer Group Ltd. said it would sell its domestic Brazilian business to Banco BTG Pactual SA, the biggest independent investment bank in Latin America, for 615 million reais ($101 million).

Julius Baer said on Tuesday it had agreed to sell its Brazilian domestic wealth management business to Banco BTG Pactual, days before Stefan Bollinger takes over as chief executive after a difficult year for the Swiss bank.

Brazilian investment bank BTG Pactual is set to announce the acquisition of Swiss private bank Julius Baer's local unit in a deal worth about 1 billion reais ($163.6 million), newspaper O Globo reported on Monday.

Fernando Vallada, presidente da unidade brasileira do Julius Baer, deve ficar no BTG Pactual após o banco brasileiro concluir a aquisição do negócio do gestor de fortunas suíço, disse uma pessoa familiarizada com o assunto.

Julius Baer Group said on 7 January it has agreed to sell its domestic Brazilian wealth management business, Julius Baer Brasil Gestão de Patrimônio e Consultoria de Valores Mobiliários Ltda (Julius Baer Brazil), to Banco BTG Pactual S.A. (BTG).

Brazil’s BTG Pactual agreed to acquire the local operations of Swiss private bank Julius Baer for BRL615 million ($101 million), bolstering its position in the wealth management business, the lenders said Tuesday.

Bank Baer is divesting its asset management subsidiary in Brazil. The buyer is Banco BTG Pactual, which is also a well-known name in Switzerland.