November 8, 2019
Banco do Brasil has partnered with Switzerland's UBS to form a new investment bank in Brazil and other countries in South America, subject to regulatory approval.
UBS will own 50.01% of the new venture, while the Brazilian state-owned lender's investment banking division, BB Investimentos, will have 49.99%, Banco do Brasil said in a securities filing.
BB Investimentos will provide "exclusive rights to corporate clients" to the new business, and UBS will contribute its investment banking and ins
Swiss financial services firm will hold a majority stake in the new venture with Brazil's state-owned lender