BTG Pactual Shares Tumble 20% Following CEO Arrest

BTG Pactual, one of Latin America’s biggest investment banks, plunged over 20% after Andre Esteves, the CEO and controlling shareholder, was arrested in the corruption probe that has shaken Brazil’s political and economic leadership.

According to an official for the federal Supreme Court, which authorized the action, Esteves is under temporary arrest for a maximum of five days.

Esteves credited for transforming BTG Pactual

Andrew Esteves has been credited with transforming Grupo BTG Pactual into the largest independent investment bank in Latin America. In 2006, Esteves sold what was then Banco Pactual to UBS Group AG for $2.6 billion. In the following year, he became the global head...