Shearman & Sterling represented the syndicate of banks underwriting the 3.66 billion reais (US$1.95 billion) initial public offering of equity securities by Banco BTG Pactual, the Brazilian investment bank. The offering was the biggest initial public offering for an investment bank in two years and one of the largest IPO’s globally in 2012, as well as the largest Brazilian financial institution IPO since the 2009 IPO of Banco Santander (Brasil), to which Shearman & Sterling also served as underwriters’ counsel.

Banco BTG Pactual is the first stand-alone investment bank in Brazil to successfully complete an IPO. Shearman & Sterling represented the bank syndicate, led by BTG Pactual, J.P. Morgan, Goldman Sachs, Bradesco, Citigroup and Banco do Brasil.

The Shearman & Sterling team included São Paulo partner Mathias von Bernuth and New York partner Stuart K. Fleischmann, as well as New York partner Russell Sacks, of counsel Charles S. Gittleman, London partner Thomas Donegan (Financial Institutions Advisory & Financial Regulatory), São Paulo associate Fernanda Iacia and New York associate Kevin Younai (Capital Markets).