SAO PAULO (S&P Global Ratings) June 3, 2019--Banco BTG Pactual S.A. (BTG Pactual; global scale: BB-/Stable/B; national scale: brAA+/Stable/brA-1+) announced on May 28 its intention to make a secondary public offering of its BPAC11 units, held by BTG Pactual Holding S.A. The bank expects the follow on to raise up to R$2 billion and increase its free float to at least 21% of total shares traded in the market. We expect the transaction to boost the liquidity of the bank's shares as BTG Pactual was granted approval to join corporate governance level 2 listing, as defined by B3 stock exchange rules. BTG Pactual Holding aims to use the proceeds of the follow-on offer to acquire the majority of the stake
