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UBS, Banco do Brasil Reach Deal for Venture in South America

  • Swiss bank will control company, gain access to Brazil clients
  • Will operate in nations including Brazil, Argentina, Chile
Updated on

UBS Group AG and Banco do Brasil SA agreed to create a partnership for investment banking and an institutional-brokerage business in South America.

The venture, which still needs regulatory approval, will operate in Brazil, Argentina, Chile, Paraguay, Peru and Uruguay, the two companies said Wednesday in a statement.