Andre Esteves has delayed the planned initial public offering (IPO) of his investment bank, Banco BTG Pactual, Bloomberg reports. The Brazilian billionaire has postponed the offering until next year after selling a stake for $1.8 billion in December.
According to Esteves, the bank needs about a year to use the capital from the private placement. The billionaire bought back Sao Paulo-based BTG Pactual for $2.5 billion in 2009 from Swiss lender, UBS.
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