Brazilian billionaire Andre Esteves resigned all of his posts at Grupo BTG Pactual SA after he was jailed indefinitely, and the bank’s leaders spent the weekend in emergency talks to sell assets and acquire his controlling stake.
Persio Arida, who was named interim CEO when Esteves was arrested in a corruption probe last week, will become chairman. Huw Jenkins, a partner who is also a member of the company’s board, will serve as vice chairman.
BTG is racing to assuage investors after Esteves’s arrest on November 25 sent the shares down 26%, doubled yields on the lender’s benchmark bonds and prompted clients to pull $1.1bn from some of its most liquid fixed-income funds in two days.
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