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

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.

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.

Swiss bank Julius Baer said on Tuesday it will sell its Brazilian domestic wealth management business to Banco BTG Pactual for 615 million Brazilian real ($100.57 million). As of Nov. 30, the business - which has offices in Sao Paulo,

( MENAFN - Swissinfo) Swiss private bank Julius Bär has signed an agreement to sell its operation in Brazil, Julius Baer Brasil Gestão de Patrimônio e Consultoria de Valores Mobiliários, to Banco BTG Pactual for 615 million reais, or CHF91 million ($100.7 million).

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.