BTG Pactual shareholders approve founder Esteves to return as chairman

SAO PAULO — Brazilian BTG Pactual’s founder Andre Esteves on Friday was approved by the bank’s shareholders to the position of chairman of the board of directors, according to the minutes of the shareholder’s meeting.

Esteves gained regulatory approval in December to return to the bank’s controlling shareholder group, known as G7, having stepped down as CEO and chairman after being jailed briefly in 2015 on suspicion of corruption.

He was released 23 days later and exonerated in one of Brazil’s “Car Wash” corruption inquiries in July 2018. He returned to the bank in 2016 in a non-management role.

Still, Esteves oversaw a BTG foray into the retail banking market, led negotiations on acquisitions, and worked directly with clients on deals, as a Reuters report showed in July, troubling some corporate governance specialists. (Reporting by Andre Romani; Writing by Peter Frontini; Editing by David Gregorio)