September 23, 2019 / 10:49 PM / a month ago

UPDATE 1-UBS, Banco do Brasil to create investment banking venture in South America

(Adds filing details)

SAO PAULO, Sept 23 (Reuters) - Switzerland’s UBS Group AG and state-controlled Banco do Brasil SA signed a preliminary 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 a number of other South American countries: Argentina, Chile, Peru, Paraguay and Uruguay.

Banco do Brasil said in the filing UBS would hold 50.01% of the joint venture. Reuters reported the deal talks earlier this month. (Reporting by Tatiana Bautzer, Editing by Rosalba O’Brien)

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