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ZURICH, Jan 19 (Reuters) - Zurich-based private bank EFG International has submitted the highest bid for BTG Pactual's Swiss unit BSI, the Financial Times reported on Tuesday.
EFG and BTG Pactual are set to enter exclusive talks for the Swiss banking unit in a deal expected to top 1.2 billion Swiss francs ($1.20 billion), the Financial Times said, citing sources familiar with the matter.
BTG Pactual's board last week authorised the bank to pursue a sale of BSI, which BTG bought for $1.3 billion in September, after unidentified third parties showed interest in the bank, the Brazilian company said.
$1 = 1.0036 Swiss francs Reporting by Brenna Hughes Neghaiwi; editing by Michael Shields