BTG Pactual secures Peru banking license with $100M

BTG Pactual received an operating license from Peru's financial regulator, the Superintendency of Banking, Insurance and AFP (SBS), to operate as a full commercial bank in the country. The new entity will launch with an initial capital of $100 million.

The Brazilian group has operated in Peru for 14 years across investment banking, brokerage, and asset management. The new banking unit will focus on corporate clients, large enterprises, and institutional investors.

Roberto Sallouti, CEO of BTG Pactual, stated in a release that the move deepens the bank's presence in Latin America and marks another step in its long-term regional strategy.

The Peruvian expansion follows several cross-border deals by BTG Pactual. The bank acquired HSBC's unit in Uruguay for $175 million last year and purchased a small stake in Banamex in Mexico earlier this year. It also operates banks in Chile and Colombia, runs brokerages in Mexico and Argentina, and completed the acquisition of M.Y. Safra Bank in the United States in January.