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By Stephen Nakrosis
UBS Group AG (UBS) and Banco do Brasil SA (BDORY) said Monday they have entered a non-binding Memorandum of Understanding to establish an investment bank in South America.
The companies "believe that the formation of a strategic, long-term partnership would create a leading investment bank platform in the region with global coverage by building on the complementary strengths of UBS and Banco do Brasil," they said.
UBS is expected to be the majority shareholder in the project, holding a 50.01% stake.
If an agreement is executed, the UBS and Banco do Brasil will jointly provide investment banking services in Argentina, Brazil, Chile, Paraguay, Peru and Uruguay, the companies said.
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(END) Dow Jones Newswires
September 23, 2019 19:03 ET (23:03 GMT)
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