Government of Singapore Investment Corporation (GIC) is holding negotiations with with Brazilian investment bank Banco BTG Pactual to acquire a 16% per cent stake in the latter.

According to reports, GIC has made an offer of $2.4bn to buy a 16% stake in the Brazillian investment bank. Negotiations are expected to close in about a month.

BTG Pactual has been providing investment banking, asset management, and wealth management services in Latin America since last 25 years.

As of March 2010, BTG Pactual has approximately $2bn in equity and $34bn under management.

GIC is already the biggest shareholder in UBS, and holds stake in Citigroup.