World News

Brazil antitrust regulator okays JV between BB and UBS to launch investment bank

SAO PAULO (Reuters) – Brazilian antitrust regulator Cade has approved a joint venture between state-controlled lender Banco do Brasil SA <BBAS3.SA> and UBS Group AG <UBSG.S> to launch an investment bank in South America.

In a securities filing, BB added that the conclusion of the partnership is subject to approval from Brazil’s central bank.

(Reporting by Gabriela Mello, editing by Louise Heavens)

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