UBS Hires Sylvia Coutinho From HSBC for Brazil CEO

UBS AG, the biggest Swiss bank, hired Sylvia Coutinho from HSBC Holdings Plc, to be chief executive officer of its Brazilian unit.

Coutinho, who was head of retail banking and wealth management for Latin America at HSBC, will replace Lywal Salles, according to a UBS’s statement distributed by Business Wire. Salles, who was hired in October 2010, will retire, the Zurich-based bank said.

Coutinho, who takes over on June 24, will help the bank to reach its “full potential in the country,” Robert J. McCann, CEO of UBS Group Americas, said in the statement. “We are confident she is the leader to help us in the next stage of building a strong Brazil franchise.”

UBS bought broker Link Investimentos in February, four years after it sold its Banco Pactual SA unit for $2.5 billion to billionaire Andre Esteves and his partners, who created Grupo BTG Pactual.

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