BTG loses 3 executives

Wednesday, February 14, 2018

After months of speculations, three executives at Brazilian investment bank BTG Pactual are leaving the institution.

Chairman Marcelo Kalim; the head of the private equity unit, Carlos Fonseca; and Leandro Torres, who leads the brokerage arm, are leaving the bank.

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"Carlos Fonseca and Leandro Torres have opted to sell their shares in the partnership, without any relevant implications for the bank," BTG said in a statement.

"Marcelo Kalim is developing a project related to a digital banking platform. There is still no definition of the link between the project and the bank," it added, highlighting that it is negotiating a non-compete clause with Kalim.

In recent months, local media reported that the three executives were negotiating their departure in order to launch a fintech.