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UBS, Banco do Brasil JV ready to start operations - filing

·1 min read

SAO PAULO, Sept 30 (Reuters) - An investment banking joint-venture between UBS Group AG and state-controlled lender Banco do Brasil is ready to start operations, the Brazilian bank said in a statement on Wednesday.

Both banks announced a partnership almost a year ago, in a move to boost their dealmaker capability in Brazil, Chile, Argentina, Paraguay, Peru and Uruguay.

UBS, which holds a 50.01% controlling stake in the newly announced bank, will appoint the CEO, while the chairman will be appointed by Banco do Brasil. No details were given on who will fill those roles.

The Swiss bank has been striking partnerships in Latin America to expand its investment banking business by further connecting clients globally. Earlier this month, it partnered with Colombian independent investment bank Inverlink.

(Reporting by Carolina Mandl; editing by Richard Pullin)