Arrested in Brazil billionaire Andre Esteves, CEO of Battalion Pactual partner Mps and Carige – Il Sole 24 Ore

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This article was published on November 25, 2015 at 13:59.
The last change is the November 25, 2015 at 18:27.

The arrest of its chief executive officer, Andre Esteves, reported a surprise in the spotlight the Brazilian group Battalion Pactual, most investment bank in Latin America. Esteves was arrested as part of investigations into corruption in the state oil company, Petrobras. The news has quickly rebounded in Europe, where Battalion Pactual has been very active in recent years. In particular, the Brazilian group acquired by Generali bank BSI Lugano (formerly Bank of Switzerland Italian), to 1.2 billion euro. Battalion Pactual also has interests in Italy, in MPS (its share fell a few weeks ago from 3.1 to 1.96%) and Carige (in this case with a share of less than 2%). Battalion Pactual has risen to the forefront of financial reporting also in the telecommunications sector; has in fact supported the Oi in the proposed integration with TIM Brasil, a subsidiary of Telecom Italy.

The Brazilian police arrested Esteves in Rio de Janeiro. Even Senator Delcidio Amaral, leader of the government majority in the Senate and key man of President Dilma Rousseff for economic policy, was arrested. Police have not so far provided details on specific allegations in Esteves and Amaral. Battalion Pactual said Esteves and the group are cooperating with the police investigation.

Andre Esteves, 47, had given in 2006 Banco Pactual to most Swiss bank, UBS, for 2.6 billion dollars. Esteves later moved to London to work with the same UBS. After leaving the Swiss institute, Esteves launched Battalion. In 2009, UBS has also decided to sell Pactual to Battalion, for $ 2.5 billion. Hence the birth of the group Battalion Pactual, known in Latin America but in fact also active on the European financial stage. Esteves, according to Fortune, has a fortune estimated at $ 2 billion.

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