RIO DE JANEIRO, Oct. 14 (Xinhua) -- The Brazilian investment firm Banking and Trading Group (BTG) announced on Tuesday the acquisition of the Brazilian unit of the U.S.-headquartered Lehman Brothers Holdings Inc.
The value of the transaction was not revealed.
"The infrastructure and current team of Lehman Brothers will add to BTG's activities and help accelerate the expansion of the BTG in Brazil," BTG said in a statement.
Lehman Brothers has been operating in Brazil only as a non-financial institution. The company has recently applied for a full license to operate as an investment bank in the country, but the request will be withdrawn, said BTG.
After the acquisition, Lehman Brothers will contribute to BTG's focus on proprietary trading and on managing assets for clients, BTG said.
BTG, founded earlier this year by former USB banker Andre Esteves, is a global investment company whose assets total some 800 million U.S. dollars.
The fourth largest investment bank in the United States, Lehman Brothers Holdings went bankrupt on the night of Sept. 14.
