As it prepares for its IPO, BTG Pactual has been increasingly calling the attention of the world media. The Financial Times published on Wednesday an article that compares Andre Esteves’ bank to Goldman Sachs, by calling BTG a “tropical Goldman Sachs“, or “Goldman Sachs with a dash of pinga.”

Question: Was that supposed to be a compliment to Andre Esteves and his team? If the FT is right in its labeling, then BTG will soon become “the most hated bank in Latin America” and all their clients will go from “highly sophisticated” to a bunch of “muppets.” Therefore, let’s hope the nicknames don’t apply here.

An excerpt from the Joe Leahy’s article…

“He [Andre Esteves] was just 37 years old when UBS bought out his independent investment bank, BTG Pactual, in 2006 for $2.5bn – a price many had thought at the time to be overly generous.

… he is planning to hold an initial public offering that is expected to value the firm at $13bn to $14bn. In other words, since 2009, BTG will have increased in value by more than five times … 

… Esteves has been executing his vision of creating a “tropical Goldman Sachs” … the idea is Wall Street with a dash of pinga…

The bank has been busily extending its reach elsewhere in Latin America … It has forged links with China through an alliance with Citic Securities. CIC, the Chinese sovereign wealth fund, is also one of the sovereign wealth funds that bought a share in BTG.”

Regarding the Goldman Sachs comparison, I don’t think BTG would like to be known as “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”

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