UBS, Banco do Brasil Sign Non-Binding MoU to Establish Bank in South America
24 September 2019 - 1:18AM
Dow Jones News
By Stephen Nakrosis
UBS Group AG (UBS) and Banco do Brasil SA (BDORY) said Monday
they have entered a non-binding Memorandum of Understanding to
establish an investment bank in South America.
The companies "believe that the formation of a strategic,
long-term partnership would create a leading investment bank
platform in the region with global coverage by building on the
complementary strengths of UBS and Banco do Brasil," they said.
UBS is expected to be the majority shareholder in the project,
holding a 50.01% stake.
If an agreement is executed, the UBS and Banco do Brasil will
jointly provide investment banking services in Argentina, Brazil,
Chile, Paraguay, Peru and Uruguay, the companies said.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
September 23, 2019 19:03 ET (23:03 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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