Oil

UBS and Banco do Brasil to launch new investment bank in South America

Credit: REUTERS/ARND WIEGMANN

UBS Group AG and Brazilian state-controlled lender Banco do Brasil SA are set to launch an investment bank in South America, UBS said on Wednesday.

Nov 6 (Reuters) - UBS Group AG UBSG.S and Brazilian state-controlled lender Banco do Brasil SA BBAS3.SA are set to launch an investment bank in South America, UBS said on Wednesday.

UBS will hold a 50.01% stake and Banco Do Brasil will own a 49.99% stake in the new investment bank, according to UBS.

Both companies will appoint three members each to the board of the new investment bank, the statement said.

UBS added that the investment bank's chairperson will be appointed by Banco Do Brasil, while UBS will appoint the Vice Chairperson and Chief Executive Officer.

Reuters reported in September that the two companies were in advanced talks for an investment banking joint venture.

(Reporting by Dominic Roshan K.L. in Bengaluru Editing by Sonya Hepinstall)

((Dominic.RoshanKL@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

US Markets

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More