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UBS, Banco do Brasil to create investment banking venture in South America

Reuters
Updated
FILE PHOTO: Switzerland's national flag flies under the logo of Swiss bank UBS in Zurich

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)