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FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann/File Photo
SAO PAULO (Reuters) – Switzerland’s UBS Group AG (UBSG.S) and state-controlled Banco do Brasil SA (BBAS3.SA) signed a preliminary agreement on Monday to create a joint venture in investment banking in South America, the Brazilian bank said in a securities filing.
According to the filing, the new joint venture will provide investment banking services in Brazil and a number of other South American countries: Argentina, Chile, Peru, Paraguay and Uruguay.
Banco do Brasil said in the filing UBS would hold 50.01% of the joint venture. Reuters reported the deal talks earlier this month.
Reporting by Tatiana Bautzer, Editing by Rosalba O’Brien
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