Brazil's cenbank okays JV between UBS and Banco do Brasil -filing
SAO PAULO, Aug 25 (Reuters) - Brazil's central bank has approved a joint venture between state-controlled Banco do Brasil SA BBAS3.SA and Swiss' UBS Group AG UBSG.S, aiming to form a new investment banking unit in the country, according to a securities filing on Monday.
UBS and Banco do Brasil announced a partnership in November to launch an investment bank in South America, in which the Swiss bank will hold a 50.01% stake.
The JV is part of UBS' effort to further connect clients globally. It will also give it access to more deals in Brazil, a booming market at the moment in share offerings.
Brazil's second largest bank by assets, Banco do Brasil will offer UBS its vast client portfolio and strong balance sheet for deals.
The Brazilian lender said the management structure of the newly formed bank will be announced as soon as the JV is formalized.
(Reporting by Carolina Mandl; editing by Jason Neely)
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