MILAN May 15 Brazil's BTG Pactual has invested
in Italian lender Banca Monte dei Paschi di Siena for
the medium term and will stay there until the bank is turned
around, the fund's founder said in an interview on Thursday.
"We bought into the bank with the idea of taking part in its
reorganisation and with a medium-term horizon, probably a couple
of years," Andre Esteves told Il Sole 24 Ore. He said his group
supported the Italian bank's management.
BTG Pactual Europe, a unit of Brazilian bank BTG Pactual,
bought a 2 percent stake in Monte Paschi this year from the
Italian lender's the banking foundation that was previously its
The foundation sold another 4.5 percent of the bank to
U.S.-based fund Fintech Advisory and sealed a shareholder pact
with the two investors.
BTG is also interested in Swiss wealth manager BSI. Its
owner, Italian insurer Generali, announced late on
Wednesday that it has begun sale talks with the Brazilian group.
"It's a strategic investment. If we get to the end of this
deal BSI will be part of BTG's core business," Esteves said.
The BTG founder also said the group was looking at the
various privatisations under way in Italy.
"We like infrastructure," he said, adding that the group was
upbeat on investments in Italy.
Asked if BTG could invest in the Italian post office he
said: "I do not want to go into details but I repeat there is
much attention for the privatisation plans (in the country)."
"2012 was Spain's year, 2013 to some extent Greece's. This
is your year," Esteves added.
(Reporting by Stephen Jewkes; Editing by David Goodman)