SAO PAULO, Oct 22 (Reuters) - Grupo BTG Pactual SA , Latin America’s largest independent investment bank, tapped Guillermo Ortiz to be chairman of its unit in Mexico, the region’s No. 2 economy.
In a statement late on Thursday, São Paulo-based BTG Pactual said Ortiz, a 67-year-old former Mexican central bank governor, will join the company on Jan. 1 and will be based in Mexico City. He joins Javier Artigas, BTG Pactual’s chief executive in the country, as the bank expands into asset management and increases advisory and broker-dealer activity in Mexico.
Ortiz’s “outstanding career, experience and knowledge will certainly contribute a lot to accelerate our firm’s growth in Mexico,” André Esteves, BTG Pactual’s CEO and controlling shareholder, said in the statement.
The appointment of the Stanford University-educated economist comes as BTG Pactual seeks to grow outside Brazil, where the steepest recession in a quarter century and slumping capital markets activity are dragging on earnings. Esteves has said Mexico provides BTG Pactual with a promising platform to grow in fixed income, merger advisory and asset management.
BTG Pactual was Latin America’s No. 1 equity underwriter in the first nine months of 2015, after working on six deals worth $1.88 billion, according to Thomson Reuters deals intelligence data. It is also the top mergers and acquisitions adviser in the region, with 27 deals this year.
Ortiz was appointed governor of Mexico’s central bank in 1998 and stayed in the job until 2009. (Reporting by Guillermo Parra-Bernal; Editing by Steve Orlofsky)