Swiss bank UBS is to re-enter the Brazilian
market following its acquisition of Brazilian brokerage firm Link
Investimentos for BRL195m ($113m).
The acquisition follows UBS’ exit from the
onshore market in Brazil last year when it sold UBS Pactual for
$2.5bn.
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BTG Pactual, the bank created by former UBS
executives in Brazil, is Brazil’s second largest private bank
with BRL12.4bn of assets under management, according to
PBI’s latest Brazil survey.
Link Investimentos is one of the largest
independent broker-dealers in Brazil with a strong position in
equities, equity research and equity derivatives, as well as
exchange traded foreign exchange, fixed income and commodity
products.
Once the deal is approved by Central Bank of
Brazil, its businesses will be integrated into the investment bank,
wealth management and asset management divisions of UBS.
The transaction is expected to close during
the fourth quarter 2010 and the combined entity in Brazil will
be re-branded as UBS.
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By GlobalDataUBS investment bank co-chief executive Alex
Wilmot-Sitwell said the acquisition provided a platform for UBS to
re-build its presence and expand its footprint in Brazil.
