LONDON/SAO PAULO (Reuters) - Credit Suisse and Julius Baer are among a handful of banks vying to buy the Swiss private-banking arm of embattled Brazilian investment bank Grupo BTG Pactual SA in a cut-price deal, sources with direct knowledge of the talks told Reuters on Wednesday. Zurich-based Credit Suisse is exploring an offer that would value BSI at less than 1 billion Swiss francs ($1.01 billion), one of the sources said, speaking on condition of anonymity. This would be a 20 percent plus discount from what BTG paid for Lugano-based BSI in a deal completed in September.
