Swiss banking giant UBS is reportedly planning to acquire a wealth-management firm in Brazil as part its strategy to grow that business sevenfold by 2020.
"We are looking for acquisition opportunities in the Brazilian market," Sylvia Coutinho, CEO of the bank’s Brazil unit told Bloomberg.
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The Zurich-based firm also looking to hire more people for its wealth business and open offices in Rio de Janeiro and Belo Horizonte to serve high-net-worth (HNW) clients even if it can’t find a firm to buy, Coutinho said.
The focus will be on those with assets of BRL5 million (US$2.2 million) or more to invest, the news agency further quoted her as saying.
UBS is expanding wealth management in emerging markets and Asia as it scales back in investment banking and exits most debt-trading businesses amid stricter capital requirements.
Credit Suisse has also has expanded its wealth-management operations in Brazil by opening offices in Belo Horizonte and Porto Alegre.
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