SAO PAULO- An investment banking joint venture between UBS Group AG UBSG.S and state-controlled lender Banco do Brasil is ready to start operations, the Brazilian bank said in a statement on Wednesday, according to Reuters.

Both banks announced a partnership almost a year ago, in a move to boost their dealmaker capability in Brazil, Chile, Argentina, Paraguay, Peru and Uruguay.

UBS, which holds a 50.01% controlling stake in the newly announced bank, will appoint the CEO, according to the filing. The bank, two sources said, will nominate Daniel Bassan, current UBS investment bank head in Brazil, to the post.


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