Brazil’s largest independent investment bank Banco BTG Pactual SA aims to become the country’s sixth largest retail bank by client total, new senior partner Amos Genish announce4d.

Genish, Telecom Italia SpA’s former chief executive, will lead a full-service digital retail bank that BTG Pactual launched in the end of May.

The bank’s market capitalization has almost doubled so far this year to nearly R$51 billion.

Genish said high margins and growth prospects in Brazil’s heavily concentrated banking sector have prompted BTG to expand into the digital retail business.

«BTG does not have the legacy of branches that traditional banks have,» he said. «And BTG has a strong balance sheet that fintechs do not have.»

Genish said he would work to integrate BTG’s four retail units in the coming months: Banco Pan, insurance Too Seguros, loan for mid-sized companies, and its digital investment platform BTG Pactual Digital.

Original Story:Nasdaq |Carolina Mandl 
Photo: Site BTG Pactual
Edition:Prime Yield