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UBS, Banco do Brasil to create investment banking venture in South America

UBS, Banco do Brasil to create investment banking venture in South America
FILE PHOTO: Switzerland's national flag flies under the logo of Swiss bank UBS in Zurich, Switzerland April 24, 2017. REUTERS/Arnd Wiegmann/File Photo -
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Arnd Wiegmann(Reuters)
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SAOPAULO (Reuters) – Switzerland’s UBS Group AG <UBSG.S> and state-controlled Banco do Brasil SA <BBAS3.SA> signed an agreement on Monday to create a joint venture in investment banking in South America, the Brazilian bank said in a securities filing.

According to the filing, the new joint venture will provide investment banking services in Brazil and other South American countries: Argentina, Chile, Peru, Paraguay and Uruguay. UBS will have a majority in the joint venture, the bank said. Reuters reported the deal earlier this month.

(Reporting by Tatiana Bautzer, Editing by Rosalba O’Brien)

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