Banco do Brasil CEO says likely to form UBS investment banking joint venture in Nov

RIO DO JANEIRO (Reuters) – Switzerland’s UBS Group AG (UBSG.S) and state-controlled lender Banco do Brasil SA (BBAS3.SA) are likely to formally create a partnership in investment banking in early November, Banco do Brasil Chief Executive Officer Rubem Novaes said on Friday.

At an event in Rio de Janeiro, Novaes also said the bank is mulling partnerships for its asset management and broker units. Reuters first reported in September that Banco do Brasil and UBS were in talks.