Central bank approves UBS, Banco do Brasil tie-up

Central bank approves UBS, Banco do Brasil tie-up

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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

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