* BTG Pactual bought Celfin earlier this year
* Decision comes as BTG reduces job redundancies
* Takes place at Celfin’s Peru, Colombia units
By Guillermo Parra-Bernal
SAO PAULO, Nov 21 (Reuters) - BTG Pactual Group, Latin America’s largest independent investment bank, laid off about 50 people working for Chilean brokerage Celfin Capital, which it bought earlier this year, two sources with knowledge of the matter said.
A decision had been made to trim redundant jobs at Celfin’s units in Peru and Colombia, one of the sources told Reuters. Both sources declined to give additional information on the business areas affected by the decision.
A public relations official for BTG declined to comment. Santiago-based Celfin Capital does not comment on its staff policies, according to a spokesman.
São Paulo-based BTG Pactual, controlled and led by Brazilian billionaire financier Andre Esteves, said in February it would buy Celfin Capital for about $600 million to extend its reach into fast-growing economies like Chile, Peru and Colombia.
Since it was formed it 2009, BTG Pactual has been on a deal-making frenzy in Brazil and abroad as Esteves, a 44-year-old financial wunderkind, strives to turn the firm into the largest investment bank in emerging markets by the end of the decade.
BTG Pactual, which also has offices in New York, London, Hong Kong and seven Brazilian cities, had a total of 1,300 employees at the end of the third quarter.
Apart from buying Celfin, which had operations in Colombia and Peru, BTG Pactual purchased Colombian securities firm Bolsa y Renta in June for about $52 million. The Celfin acquisition was approved by Brazil’s central bank at the end of last month.