BTG Pactual to hire 100 people for London commodities unit -FT
Dec 22 (Reuters) - Brazilian investment bank Grupo BTG Pactual SA will add more than 100 people to its staff in London as it attempts to build its commodities business, the Financial Times reported.
The San Paulo-based bank plans to double its staff strength in London as well as rent another floor at its Mayfair offices to serve as its commodities unit headquarters, the FT said quoting people close to the situation.
The paper said that bank, controlled by billionaire financier André Esteves, is planning to turn the commodities markets of oil, wheat, cotton and other commodities into the third pillar of its international business along with its principal trading unit and asset management team.
The bank's chief financial officer had told Reuters in August that it expected commodities sales and trading to contribute to earnings soon but had not given any details.
A spokesman for BTG Pactual in Sao Paulo could not be reached for an immediate comment.
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