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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.
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(END) Dow Jones Newswires
November 07, 2019 02:47 ET (07:47 GMT)
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