Brazilian tycoon Diniz pulls $750 mln out of BTG - magazine

sábado 30 de enero de 2016 11:07 GYT
 

BRASILIA Jan 30 (Reuters) - Brazilian billionaire Abilio Diniz transferred nearly 3 billion reais ($750.51 million) of investments in BTG Pactual SA to a rival bank, dealing a further blow to the investment bank reeling from shrinking business flows.

According to local magazine Veja, Peninsula Participacoes, the investment vehicle managing Diniz's fortune, has shifted the funds to Banco Bradesco.

The magazine did not cite its sources, nor did it say whether Diniz, a major stakeholder in Europe's largest retailer Carrefour, had any other investments under management with BTG.

BTG and Peninsula Participacoes representatives were not available for comment on Saturday.

BTG fired 18 percent of its workforce in Brazil on Thursday as it deals with a decline in funds under management following the arrest of billionaire founder Andre Esteves.

Esteves, who was also the bank's chief executive, was accused of obstructing a sweeping corruption probe. He was freed late in December under certain restrictions. ($1 = 3.9973 Brazilian reais) (Writing by Alonso Soto; Editing by Clelia Oziel)