UBS and Banco do Brasil to form a joint venture.

UBS, a Swiss multinational investment bank, and Banco do Brasil, which attracts deposits and offers retail and commercial banking services, agreed to form a joint venture. Subject to regulatory approvals, the jointly-owned investment bank will combine the strengths of two complementary players with local and global resources. UBS brings a global investment banking division, top-ranked research, a unique data analytics platform, and a securities distribution network with global reach. "This transaction captures a unique opportunity to combine two strong partners with complementary strengths. It will also allow us to better serve our clients in Latin America and around the world while unlocking value for our respective shareholders." Sergio P. Ermotti, UBS Group Chief Executive Officer.