BSI private bank is attracting the attention of potential buyers from across the world. Credit Suisse is taking a keen interest. An institute from China may however also be bidding.
Julius Baer, Intesa Sanpaolo and now Credit Suisse (CS). The list of bank interested in buying the private banking business of BTG Pactual from Brazil is getting longer by the day. CS already said how much it was willing to pay, news agency «Reuters» reported.
CS isn't willing to invest more than one billion francs for BSI, which has 90 billion in assets under management, Reuters said. That would be significantly less than BTG paid just a little over a year ago to former owner Generali.
CS Interest No Surprise
Rumors about a sale of BSI surfaced quickly after the arrest of BTG founder and CEO André Esteves, who may be involved in the corruption scandal involving Petrobras.
The reported interest of CS doesn't come as much of a surprise after CEO Tidjane Thiam announced the company's plan to expand its private banking business. There is no CS statement available and no party involved has commented the rumors.
Collardi Pours Cold Water
Julius Baer was among the first to have its interest reported. The private bank is looking for acquisition targets and BSI seems a good fit for several reasons. CEO Boris Collardi seems not to have caught fire though. He was quoted as saying that Baer was mainly looking in Brazil and China for acquisition targets.
Bank J. Safra Sarasin may also be capable to purchase a company of the size of BSI, but hasn't so far pronounced itself. One heavyweight with an interest seems to be based in China: Fosun International. The institute wants to invest in European private banking and is bidding for Germany's BHF Bank.
