August 26, 2020
Brazil's central bank has approved "without restrictions" a proposed investment banking joint venture between the state-owned lender Banco do Brasil and Switzerland's UBS, according to a securities filing.
Banco do Brasil said in November last year that it had agreed to form a new investment bank with UBS in Brazil and other countries in South America. UBS will own 50.01% of the new venture, while Banco do Brasil's investment banking division, BB Investimentos, will have 49.99%.
UBS will also in
Swiss financial services firm and Brazilian state-owned lender get permission to form investment banking JV