SAO PAULO, July 28 (Reuters) – Brazilian bank BTG Pactual on Monday said it will snap up HSBC’s (HSBA.L), operations in Uruguay for $175 million, marking its first foray into the Spanish-speaking country and expanding its presence in Latin America.

By buying the London-listed bank’s Uruguay assets, BTG Pactual will operate in retail banking, corporate credit, investment banking and wealth management, serving individuals and businesses of all sizes, it said.

“This move aligns closely with our strategy of increasing revenue diversification across Latin America beyond Brazil,” BTG Pactual partner Rodrigo Goes, who oversees the bank’s Latin America operations outside of Brazil, told Reuters.

BTG Pactual has been on an international spending spree in recent years, buying M.Y. Safra in the United States in 2024 and Luxembourg-based FIS Privatbank in 2023, which it used to establish BTG Pactual Europe.

“It was a very interesting and opportunistic transaction. We ended up buying at a price we consider very attractive,” said Goes, who will also oversee the bank’s new Uruguayan unit, which has about 50,000 clients and a market share of around 7%.

In Latin America, in addition to Brazil, BTG is also present in Chile, Colombia, Mexico, Peru and Argentina.

Reporting by Paula Arend Laier; Writing by Oliver Griffin; Editing by Gabriel Araujo.