BTG Pactual Group of Brazil bought Banca della Svizerra Italiana, a Swiss Private Bank, from Generali Group for 1.7bn.

The sale price for BSI may be adjusted to reflect any fine paid to the United States by the Swiss bank under the US tax  program under which a solution is sought to the tax dispute between Swiss banks and the US authorities linked to tax evasion of US Related Accounts held in Swiss banks.

The transaction is of course subject to regulatory approval. It is expected to be completed in the first half of 2015.

This story was relported amongst other by the New York Times.