Brazilian investment banking firm BTG Pactual has secured a permanent banking license from Chilean banking regulator SBIF, according to Reuters.
Though BTG Pactual entered Chile in February 2012 with the $600m buyout of brokerage firm Celfin Capital, but has not been permitted to operate in Chile under its own platform.
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The bank intends to focus on entering the local credit and derivatives markets and reinforce current services such as institutional investing and wealth management.
BTG Pactual is expected to commence operations in Chile before January 30, 2015.
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