BTG Pactual to exit all non-core businesses, chairman says

miércoles 2 de diciembre de 2015 17:43 GYT

By Guillermo Parra-Bernal

SAO PAULO Dec 2 (Reuters) - Grupo BTG Pactual SA's sale of a 12 percent stake in Brazilian hospital chain Rede D'Or São Luiz SA marks the first of many divestments that will help the bank exit market segments other than banking, Chairman Persio Arida told Reuters on Wednesday.

The plan to "dismantle all activities that don't fit in BTG Pactual's core activities is being organized," Arida said in a phone interview. He declined to elaborate on the plan.

Arida was named chairman on Sunday, after prosecutors managed to keep former chief executive and chairman André Esteves jailed for an indefinite period for his alleged involvement in a corruption scandal. Arida, alongside new co-CEOs Roberto Sallouti and Marcelo Kalim, are rushing to sell stakeholdings, pools of loans and other assets to shore up cash and restore investor confidence.

The efforts include selling the bank's stake in Recovery do Brasil SA, Latin America's largest debt collector, according to three people involved in the talks. The stake in Recovery could fetch as much as 1.2 billion reais ($310 million), depending whether it includes the bank's platform that Recovery uses to price loans, two of the sources said.

Esteves exited the holding that controls BTG Pactual on Monday by trading his voting shares for non-voting stock held by the bank's other seven founding partners. That left Esteves as a dividend earner with no say in the bank's management or strategy.

The group named as the top seven partners - Kalim, Sallouti, Arida, Antonio Carlos "Totó" Porto, James de Oliveira, Renato dos Santos and Guilherme Paes - took control of the BTG Pactual Holding company from Esteves in the a share swap.

($1 = 3.8556 Brazilian reais) (Aditional reporting by Tatiana Bautzer and Aluísio Alves in São Paulo; Ediing by Steve Orlofsky)