Troubled Brazilian investment bank BTG Pactual SA on Wednesday said it sold its remaining 12% stake in the local hospital operator Rede D’Or São Luiz for 2.38 billion reais ($616 million) to Singapore’s sovereign- wealth fund GIC Pte. Ltd.
BTG and Rede D’Or’s controlling shareholder–the Moll family–sold a 16% stake in the hospital group to GIC in May.
The move comes as BTG is trying to raise cash following last Wednesday’s arrest of André Esteves, its controlling shareholder, as part of Brazil’s largest-ever corruption investigation. Mr. Esteves remains jailed in Rio de Janeiro.