By Carolina Mandl
SAO PAULO, Sept 16 (Reuters) – UBS Group AG has partnered with Colombian independent investment bank Inverlink, according to a statement on Wednesday, in a move aimed at strengthening its dealmaking presence in Latin America.
The Swiss bank said the collaboration agreement with Inverlink, which was founded 30 years ago, encompasses investment banking services in Colombia, and in some cases in Central America and the Caribbean.
UBS’s newest partnership in Latin America comes less than a year after it announced a joint venture in investment banking with state-controlled lender Banco do Brasil SA to boost its dealmaker capability in Brazil, Chile, Argentina, Paraguay, Peru and Uruguay.
The Swiss bank plans to expand its investment banking business by further connecting clients globally.
“This partnership, together with our strategic partnership with Banco do Brasil, broadens our coverage footprint in Latin America” said Ros L’Esperance, UBS co-head of global banking in the statement, adding the bank sees significant growth opportunities in the region.
Contrary to the deal with Banco do Brasil, in which UBS will hold a controlling stake in a new investment bank, the Swiss bank will not hold a stake in Inverlink or in a joint-venture, the bank said, without disclosing the agreement terms.
Banco do Brasil, Brazil’s second largest bank by assets, offers UBS a strong balance sheet for deals that require credit and a vast client network. UBS, in turn, will provide the joint venture with international connectivity.
The joint venture is likely to be launched before year-end, as Brazil’s central bank approved the partnership last month.
(Reporting by Carolina Mandl; Editing by Steve Orlofsky)