BTG Acquires BSI for USD 1.7bn

Demarest advised Generali in the USD 1.7bn sale of its Swiss investment banking division, with a presence in 10 countries, to Banco BTG Pactual S.A. (“BTG”).

BTG and Generali signed a definitive agreement for the purchase and sale of 100% of BSI, the Swiss-based private banking group owned by Generali for CHF1.5 billion (USD 1.7bn).

The transaction is subject to customary regulatory approvals. BSI will become BTG’s global wealth management platform and will continue to operate under the BSI brand and identity. BSI brings 140 years of private banking heritage, around US$100 billion in client assets, and a global presence with approximately 2,000 employees in more than 10 countries around the world.

The combination of BTG and BSI creates an international wealth and asset management business with more than US$200 billion in Assets under Management present in most major financial centers. The transaction creates an international private banking platform with a strong capital base that can offer its clients innovative and tailored investment solutions, global reach and a premier client service.

Established in Lugano (Switzerland) in 1873, BSI is one of the oldest banks in Switzerland and specializes in private wealth management. With CHF 89.4 billion in Assets under Management (AUM) (as at 31 December 2013) and more than 2,000 employees in 20 locations worldwide, BSI is one of the most important private banking groups in Switzerland. The Bank places great emphasis on establishing and maintaining ongoing personal relationships with clients, while at the same time offering global asset management services with worldclass products. BSI is present in the major financial markets worldwide, in Europe, Latin America, the Middle East and Asia.

The deal was a first of its kind. This is the first time that a Brazilian investment banking institution acquires a sizeable and relevant investment banking business in Europe, which inverts the usual logic of cross-border transaction into LATAM rather than the other way around.

All the Demarest's lawyers involved:

Thiago Sandim - M&A

Thiago Giantomassi - Capital Markets

Eloísa Curi - Tax

Eduardo Kiss - Banking & Finance, Capital Markets

Fábio Braga - Banking & Finance

Paola Pugliese - Competition law

Gonçalo Godinho - M&A

Thereza Montoro - M&A

Fábio Tayar - M&A

Camilla Pardini - Tax

Milena Mundim - Competition law

Leticia Wanderley - Capital Markets

BTG Pactual:

·         In-house counsel

o    general counsel Jonathan Bisgaier and attorneys Bruno Duque, Fernanda Ortiz, Fernanda Jorge, Guilherme Scaff.

·         global banking regulatory counsel:

o    Linklaters: Dan Schuster-Woldan.

·         in NY:

o    Skadden: Michael Civale, Laura Knoll.

·         in Swiss:

o    Lez Staehelin: Hans-Jakob Diem, Simone Ehrsam.

·         in Brazil:

o    Pinheiro Guimarães Advogados: Francisco J. Pinheiro Guimarães, Marcelo Lamy Rego, Mauricio Negri Machado Paschoal, Ana Carolina Cassins Galdino.
Generali:

·         in Swiss:

o    in-house counsel: Gianluca Colocci, Antonio Cangeri, Carmelo Reale, Stefania Bergamo, Andrea Fassina, Andrea Speretta.

o    Homburger: Heinz Schaerer, Anna Peter, Hansjuerg Appenzeller, Stefan Kramer, Reto Heuberger.

o    NKF: Philippe Weber, Philipp Candreia, Juerg Bloch.