Celfin Clarifies BTG Merger

Celfin Capital will become a part of the BTG Pactual group, says the Chilean shop. The announcement helps clarify how the merger between the two banks might proceed. The Chilean brokerage with operations in Colombia and Peru and the Brazilian investment bank would “merge and all of the business and operations of Celfin and its subsidiaries would become part of the BTG Pactual group,” it says in a regulatory filing. It also notes that Celfin would “maintain in general terms the current administration of Celfin Capital, which would have as a principal responsibility the development, management and implementation of the BTG Pactual Group in the Andean region, including Chile, Peru and Colombia.” If completed, the deal would give BTG a foothold in the three Andean economies it has been eyeing, as well as allow Celfin to gain exposure to the Brazilian market. BTG announced talks about a merger Wednesday, without offering many details.