July 10, 2019 / 2:30 PM / a month ago

BTG Pactual's Esteves seeks to restore controlling stake after acquittal - document

SAO PAULO, July 10 (Reuters) - Banco BTG Pactual SA founder Andre Esteves has asked Brazil’s central bank to allow him to take back a key stake in the bank’s controlling partnership following his acquittal of corruption charges, according to a document.

In December, BTG had said Esteves would return to the controlling group of partners, formally known as G7 Holding.

BTG said in the document that in addition to Esteves rejoining the group with a 61.6% stake, Chief Executive Roberto Sallouti, Renato Santos, Antonio Porto and Guilherme Paes will continue as partners.

The bank, which did not immediately comment on the matter, did not disclose the previous stakes held by the G7 partners.

After Esteves became the target of a corruption investigation in 2015, the bank was forced to cut jobs and shed assets.

He was forced to leave his CEO position and swap his controlling voting shares in G7 Holding for preferred stock outside the partnership after his arrest. A Brazilian federal judge acquitted Esteves in July 2018.

The document did not say how Esteves is restoring his controlling stake.

Esteves returned to the bank in April 2016, but only as senior adviser. (Reporting by Carolina Mandl; editing by Jonathan Oatis)

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