UBS will restart investment banking operations in Brazil as early as this week, sources said, almost five years after the bank sold its highly profitable securities unit there following the global financial crisis.
Reuters reports that two sources, who are not authorized to speak publicly on the matter, said on Friday that UBS and Brazil's central bank agreed on setting March 12th as the date to activate the investment-banking license.
Sought for comment, UBS said it would continue to focus on wealth management, client solutions and its sales and trading business, including equity research, in Brazil.
UBS lost its investment banking license in 2009 after selling Banco UBS Pactual back to its original owners, a group led by billionaire financier Andre Esteves. The sale price of $2.5bn was about $600m less than what the lender paid for the unit in 2006.