Cleary assists M.Y. Safra Bank in sale to BTG Pactual

Cleary Gottlieb has assisted M.Y. Safra Bank in connection with the proposed sale of M.Y. Safra Bank to BTG Pactual. Safra Bank in connection with the proposed sale of M.Y. Safra Bank to an affiliate of BTG Pactual. Safra to an affiliate of BTG Pactual. The transaction was signed on 27 June 2024 and is subject to customary closing conditions. The financial terms of the transaction were not publicly disclosed.

M.Y. Safra Bank, FSB is a Federal Savings Bank regulated by the US Office of the Comptroller of the Currency (OCC). The bank is insured by the Federal Deposit Insurance Corporation (FDIC) and is an Equal Housing/Opportunity Lender. M.Y. Safra is a privately held company headquartered in New York City, where it focuses on providing innovative products and solutions to personal, business and private banking clients, as well as lending in the commercial and residential real estate markets. Its clients include high net worth individuals, family offices and corporations. At the end of March 2024, M.Y. Safra had a loan portfolio of USD 275 million, USD 404 million in total assets and a net worth of USD 46 million.

BTG Pactual is the largest investment bank in Latin America and operates in the Investment Banking, Corporate Lending and Business Banking, Sales and Trading, Wealth Management and Personal Banking, and Asset Management markets. BTG Pactual is already present in the United States, where it provides asset management and brokerage services to retail and institutional clients.

Cleary’s M&A team was led by partners Derek Bush (pictured left) and John Kupiec (pictured right) and included associates Luke Anderson and Mina Kim. Partner Alan Levine and associate Jordan Hartman advised on employee benefits matters. Senior attorney Brendan Cohen and associate Samantha Simmons advised on intellectual property, privacy, and data security matters. Partners Bill McRae and Kylie Barza and associate Karl Heiland advised on tax matters. Senior attorney Jim Corsiglia advised on anticorruption matters. Partner Joon Kim and associate Michael Sanders provided invaluable support on enforcement and bank regulatory matters. All lawyers are based in New York, except Derek Bush and Michael Sanders, who are based in Washington, D.C.