UBS, Banco Do Brasil to Launch Investment Bank in South America
07 Novembre 2019 - 9:02AM
Dow Jones News
By Pietro Lombardi
UBS Group AG (UBS) and Banco do Brasil S/A (BBAS3.BR) are
joining forces to launch an investment bank in South America.
The investment bank will provide services in Brazil and other
countries in the region, the Swiss bank said Thursday. Services
will include M&A and advisory, debt and equity capital markets,
and research.
UBS will have a 50.01% stake in the bank and will appoint the
chief executive and the vice-chairperson. Banco do Brasil will
control the remaining 49.99%, appointing the chairperson. Both
banks will also appoint three board members.
Both parties will contribute assets to the joint venture, with
the Swiss bank contributing its investment banking platform in
Brazil and Argentina, as well as its institutional brokerage
business in Brazil.
"This transaction captures a unique opportunity to combine two
strong partners with complementary strengths," UBS Chief Executive
Sergio Ermotti said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 07, 2019 02:47 ET (07:47 GMT)
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