UBS AG, Switzerland’s largest bank, named Gerard Cremoux head of investment banking for Latin America, according to a memo to employees today.
Cremoux, 41, will relocate to UBS’s Sao Paulo office from New York and oversee expansion of the firm’s Latin America business, Aryeh Bourkoff, head of investment banking for the Americas, said in the memo. A copy of the note was obtained by Bloomberg News and the contents were confirmed by Christiaan Brakman, a spokesman for the Zurich-based lender.
The biggest investment banks are pushing into emerging markets in Latin America and Asia as their economies expand. Of more than $500 billion in global announced transactions this year, at least $140 billion had targets in the Latin American, Caribbean and Asia Pacific regions, according to data compiled by Bloomberg.
Cremoux joined UBS in 1994 and became head of financial institutions for Latin America in 2001. He advised Grupo de Inversiones Suramericana on its $3.7 billion purchase of ING Groep NV’s Latin American pension and wealth-management business, according to the memo.
Carolina Lacerda, who leads investment banking in Brazil, will report to Cremoux and Lywal Salles, the chief executive officer of UBS’s business in that country, according to the memo. Enrique Vivot, who leads UBS’s Andean-region operations from Buenos Aires, will also report to Cremoux.