Ex-UBS star Esteves enters top 10 IPO ranks on Santander spin-off

Wednesday 7 October 2009 at 06:46

This week's giant spin-off initial public offering of Santander's Brazilian arm has vaulted Brazilian investment bank BTG Pactual into the top 10 global IPO rankings for the first time since the business was bought by UBS.

BTG Pactual, which officially launched operations last month, was formed in April this year, when André Esteves bought the UBS Banco Pactual business back through his new operation, BTG, for $2.4bn (€1.63bn). The bank was sold to UBS in May 2006 for $2.6bn. Esteves set up BTG after leaving the bank.