BTG Pactual Acquires HSBC Uruguay - Expands LatAm Presence

BTG Pactual has taken a decisive step toward strengthening its Latin American footprint by acquiring HSBC’s operations in Uruguay for $175 million. This marks the investment bank’s inaugural move into a Spanish-speaking market and signals a calculated effort to expand its regional influence. The deal enables BTG Pactual to immediately tap into Uruguay’s financial landscape, offering a full suite of services, ranging from retail banking and corporate credit to investment banking and wealth management, targeting both institutional and individual clients.

A Broader Strategic Vision Beyond Brazil

This acquisition is far from an isolated move; it fits squarely within BTG Pactual’s broader ambition to reduce its dependence on Brazilian revenues and reposition itself as a pan-regional financial powerhouse. Over the past two years, the bank has actively diversified through high-profile international acquisitions. Notably, its 2024 acquisition of M.Y. Safra Bank in the United States and the 2023 purchase of Luxembourg-based FIS Private Bank, which culminated in the formation of BTG Europe, are both illustrative of this long-term strategic arc. The Uruguay entry extends this vision to another frontier, offering a critical gateway into Southern Cone markets.

Operational Continuity and Local Oversight

The newly acquired Uruguayan operation already serves around 50,000 clients and commands a 7% market share, offering BTG a substantial foothold in a relatively stable and affluent financial environment. Leadership continuity will be preserved under Rodrigo Goes, who will steer the subsidiary’s integration and operational strategy. The financial structure of the deal includes both equity and capital instruments, and while the transaction is still subject to regulatory clearance, it is projected to reach completion within a timeframe of six to twelve months.

Latin American Ambitions Remain Intact

Uruguay is just one piece of a larger mosaic. BTG Pactual has been steadily building its presence across key Latin American economies, with established operations in Chile, Colombia, Mexico, Peru, and Argentina. The firm is currently awaiting final regulatory approval for a banking license in Peru, and executives are actively assessing acquisition targets in Mexico, albeit with a measured and risk-aware approach. This regional strategy underlines BTG Pactual’s intent to become a dominant force not just in Brazil, but throughout Latin America’s evolving financial ecosystem.