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UBS: to launch new investment bank in South America

(CercleFinance.com) - UBS said it has signed a non-binding memorandum of understanding with Banco do Brasil to establish a strategic partnership that would provide investment banking services and institutional securities brokerage in Brazil and other countries in South America.

UBS and Banco do Brasil both intend to jointly provide investment banking services in Brazil, Argentina, Chile, Paraguay, Peru and Uruguay through the deal, the banks said on Tuesday.

The new investment bank will be based on Banco do Brasil's corporate clients and UBS' execution and distribution platform.

UBS would be the majority shareholder (50.01%) of this venture.

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