BSI, the Swiss private-banking unit of BTG Pactual bank, is about to be sold to a buyer in Switzerland, according to a newspaper report.

BTG Pactual, the Brazil-based owner of BSI, is in negotiations with EFG International with a view to sell the private-banking unit. The transaction is close to be completed, the «Financial Times» (by subscription only) reported today.

Among the companies eager to buy BSI, EFG is offering BTG the biggest amount of money for the business, which is based in Switzerland's southern-most region of Ticino. According to the report, Zurich-based EFG is ready to pay 1.2 billion francs for BSI, a welcome boost to the coffers of BTG, which reportedly got into trouble following the brief arrest of its CEO André Esteves in the autumn of 2015.

Local Bidder Left Behind?

BTG Pactual and EFG didn't comment on the report by the «Financial Times». Banca Stato, the cantonal bank of the Ticino, last week publicly said it wanted to buy BSI.

BTG Pactual acquired BSI in mid-2015 for about 1.2 billion francs. The completion of the takeover subsequently was delayed due to the tax dispute with the U.S. justice department.