Brazilian investment bank Grupo BTG Pactual is currently drafting a bid proposal for the physical commodities business of JPMorgan Chase & Co. This was confirmed by a person with direct information on the matter.

The bank founded by billionaire Andre Esteves, is in the process of reviewing financial information on the business. This was intimated by the source who requested anonymity as the process is privare and there was no specified valuation made for the offer. 

JPMorgan spokesman Brian Marchiony declined to make a comment on the potential bid and this was the same response from a BTG official, who claimed company policy for the lack of a response.

JPMorgan had asked for USD3.3 billion for the said division during the first round of bids due at the end of the month. According to another anonymous source, the New York based financial institution would divest the entire unit, preventing the option of buying pieces of the business to expand one's own portfolio.

According to bid documents circulated, the said JPMorgan unit produces USD750 million in annual income prior to costs. Possible bidders were granted access to financial information about the firm's business operations.