This week's giant spin-off initial public offering of Santander's Brazilian arm has vaulted Brazilian investment bank BTG Pactual into the top 10 global IPO rankings for the year to date.

BTG Pactual, which officially launched operations last month, was formed in April this year, when André Esteves bought the UBS Banco Pactual business back through his new operation, BTG, for $2.4bn (€1.63bn). The bank was sold to UBS in May 2006 for $2.6bn. Esteves set up BTG after leaving the bank.