Pactual's Promise

Pactual's Promise

Brazil

UBS has big plans for Brazil.Like Australia and the US in years past, Brazil was beckoning to UBS. Europe's largest bank in terms of assets saw that robust economic growth and factors like demand for local currency deals made South America's largest economy a promising stomping ground for investment banking. After a year of searching for a way to expand there, the firm clinched a $2.6 billion deal in May to acquire one of Brazil's hottest investment houses – privately held Pactual. "Financing will increasingly go onshore," predicts Huw Jenkins, chairman and CEO of UBS Investment Bank. Jenkins says, "If we want to participate as a meaningful investment bank (in Brazil), we have

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