January 20, 2007 / 2:46 PM / 11 years ago

UBS completes acquisition of Brazil bank Pactual

2 Min Read

ZURICH, Dec 4 (Reuters) - Swiss-based bank UBS UBSN.VX said on Monday it had completed the $2.5 billion takeover of Brazilian investment bank Banco Pactual after receiving all the necessary approvals. "Beginning today the firm will operate in Brazil under the name UBS Pactual," the Swiss bank said in a statement.

"The firm will offer investment banking, asset management and wealth management services to clients across Latin America," the bank said.

UBS announced the acquisition, which boosts its position in Brazil's investment banking sector and makes it a major provider of asset and wealth management services, in May 2006.

Non-listed Pactual, at that time Brazil's last independent investment bank with a $23.2 billion portfolio, had originally approached UBS to structure its initial public offering of stock.

Pactual was also aggressively courted by U.S.-based Goldman Sachs Group Inc. (GS.N).

Within Brazil, UBS Pactual employs approximately 750 people and has offices in Rio de Janeiro, Sao Paulo, Belo Horizonte and Recife.

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