UBS is reportedly planning to restart its investment banking business in Brazil as part of its strategy to tap the evolving opportunities in the market.
Quoting people familiar with the development, Reuters reported that UBS and Brazil’s central bank have agreed on setting March 12 as the date to activate the investment-banking license.
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The Swiss company has formed a new investment banking team that will include 16 bankers, to help it achieve the growth in Brazil, the report says.
UBS purchased Link Investimentos, a brokerage firm specializing in equities and derivatives trading, and combined it into its Brazilian wealth management operations in January 2013. The company aims to attract new clients for investment banking using brokerage business.
The company disposed of its Brazilian securities unit Banco UBS Pactual for $2.5 billion worth during the global financial crisis, which it purchased during 2006.
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