Brazil's BTG Pactual said it had reached a friendly agreement with its wealth managament head in Chile.

Alejandro Reyes is to step down from the helm of BTG Pactual's wealth management business in Chile.

BTG Pactual recently agreed to sell Swiss private bank BSI to Zurich-listed EFG International, having bought it just last year. Following the arrest in late 2015 of founder André Esteves, in connection with a national corruption probe, the Brazilian company had been looking to sell assets and raise capital.

Reyes reached an "amicable agreement” with the company to leave his post and will be working on new projects, BTG said in an emailed statement. He will hand over to Fabio Feitler and Rodrigo Escala.

"Both gentlemen have a vast and impeccable track record in Wealth Management and have the support and admiration of their respective teams in Chile," BTG said.

Meanwhile, Maximiliano Vial will serve as executive president for the wealth management area.

BTG established a presence in Chile in 2012 after acquiring local brokerage Celfin Capital for $486 million. Reyes was a founding member of the brokerage.