(Adds assets under management, background)
SAO PAULO, Sept 15 (Reuters) - Brazil’s Grupo BTG Pactual SA, the largest independent investment bank in emerging markets, said on Tuesday it had concluded its acquisition of Swiss private banking firm BSI Group Inc for 1.25 billion Swiss francs ($1.29 billion).
The deal was finalized after Swiss regulatory approval, the bank said in a statement, creating a group with $186.5 billion in assets under management, up from the $99 billion BTG Pactual had in June, before the acquisition.
The deal is part of the Brazilian bank’s push to grow abroad and bolster the resilience of results in coming years, as an economic recession deepens in its home market.
With the acquisition, about 45 percent of BTG Pactual’s revenue will come from asset and wealth management, providing the bank with more stable returns, CEO Andre Esteves told Reuters in April.
BTG Pactual’s service revenues will grow to $2 billion from $1 billion before the BIS purchase, the statement said. The combined bank will employ 5,400 people in 29 countries and operations outside Brazil will account for most of its income and staff.
Alfredo Gysi will resign as chairman of the board of BSI and be replaced by Joseph Rickenbacher starting on Sept. 16, the bank added.
$1 = 0.97 Swiss francs Reporting by Caroline Stauffer and Alberto Alerigi; Editing by Chizu Nomiyama