ZURICH, Jan 14 (Reuters) - Swiss cantonal bank BancaStato said on Thursday it was making a non-binding offer for Brazilian group BTG Pactual’s Swiss private banking unit BSI.
“BancaStato sent a non-binding letter of intent for the acquisition of the capital stock of BSI SA. Given its scope, the transaction is coordinated with two important partners, and the bank has informed the State Council of the steps taken,” said the bank, which like BSI is based in the canton of Ticino.
In a statement on its website it called the step “an excellent investment opportunity that is of interest to the whole financial sector and the state can avoid the dismemberment of BSI SA”. (Reporting by Ruppert Pretterklieber, Editing by Michael Shields)