April 8, 2016 / 12:37 PM / 2 years ago

Brazil's Grupo BTG Pactual to spin off commodities arm-Bloomberg

April 8 (Reuters) - Brazilian investment bank Grupo BTG Pactual plans to spin off its commodity-trading unit in a deal that values the business at about $1.6 billion, Bloomberg reported, citing a person familiar with the matter.

The formal separation of the unit, which would be renamed Engelhart Commodities Partners, is aimed at retaining talent and insulating the commodities business from the bank after its founder and former chief executive Andre Esteves was arrested in November, Bloomberg said. (bloom.bg/1S1b5eJ)

Grupo BTG Pactual said on Thursday that an independent probe had found no sign of illicit practices by Esteves, who was arrested for allegedly obstructing justice in a corruption investigation. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anupama Dwivedi)

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