September 23, 2019 / 10:39 PM / a month ago

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

SAO PAULO, Sept 23 (Reuters) - Switzerland’s UBS Group AG and state-controlled Banco do Brasil 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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