ZURICH: Swiss bank Julius Baer said on Tuesday it will sell its Brazilian domestic wealth management business to Banco BTG Pactual for 615 million Brazilian real ($100.57 million).

As of Nov. 30, the business - which has offices in Sao Paulo, Belo Horizonte and Rio de Janeiro - had assets under management of 61 billion Brazilian real.

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Closing of the deal is expected in the first quarter of 2025, Julius Baer said.