Brazilian Lender BTG to release coverage gadgets in Latin the us

Grupo BTG Pactual SA, the Brazilian lender controlled by means of billionaire Andre Esteves, plans to start an insurance commercial enterprise in Chile, Peru, Colombia and Mexico.

the first step might be to go into Chile’s annuity marketplace, said Alejandro Montero, chief executive officer at BTG Pactual Chile, in an interview in Santiago. The organisation will have capital of approximately $a hundred million, and the plan is to attain $1 billion in assets in more than one years, in step with Montero.

“we can start in Chile because it's miles the maximum mature market,” Montero stated, adding that the subsequent step for the Sao Paulo-based agency might be entering into Peru or Mexico. “Our plan is to create a Pacific Alliance corporation,” he stated, regarding the Latin American change bloc that consists of the four countries.

BTG is expanding outdoor Brazil to diversify its sales and come to be a nearby strength. Annuity sales in Chile grew almost forty five percent last year to $1.73 billion, consistent with the kingdom’s insurance regulator, Superintendencia de Valores y Seguros. new york-based totally MetLife Inc. is the biggest insurer in Chile primarily based on overall charges for 2013, followed through Santiago-based totally Chilena Consolidada Seguros Generales SA and Cia de Seguros de Vida Consorcio Nacional de Seguros SA.

BTG, which announced the acquisition of Santiago-based Celfin Capital SA in February 2012, expects to open a financial institution in Chile with $a hundred and fifty million in capital in August. the brand new coverage enterprise can be run thru a separate unit, Montero stated.

Mexico dealer-dealer

The bank opened a Mexico dealer-provider in January, and stated in June 2012 that it'd buy Bolsa y Renta SA, Colombia’s biggest brokerage by means of buying and selling quantity.

“We need to have neighborhood banks to offer nearby-foreign money- denominated loans to clients and compete with nearby creditors,” Roberto Sallouti, BTG’s chief running officer, said in December. The bank’s aim is to increase to different Latin American nations all the products and features of enterprise it has in Brazil, which include asset management, non-public fairness and wealth management, Sallouti said.

In Chile, the brand new organisation will begin by way of using different brokerages to promote its annuities, said Montero, adding that inside the future it is able to turn out to be an coverage dealer-dealer and offer different varieties of coverage. BTG named Jaime Maluk CEO for the bank’s annuity business in Chile. Maluk changed into previously an funding supervisor at Santiago-based totally Soc. De Asesorias e Inversiones Cruz del Sur Ltda, which was acquired by way of Santiago- based totally Grupo security SA in March 2013.

Approvals have already been asked from the Brazilian valuable financial institution and Chile’s Superintendencia de Valores y Seguros. as soon as both are received, the license need to be geared up in approximately 8 months, consistent with Montero, who expects to go into the Chilean annuity marketplace by using the fourth region of this yr.