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Banco do Brasil in talks for investment banking partnership

Banco do Brasil SA is in talks with potential partners for its investment banking unit, the company said in a filing Sept. 6.

A Reuters report on the same day said the Brazilian bank was in talks with Swiss lender UBS Group AG for an investment banking joint venture.

The bank, which did not disclose the potential partners' identity, said in a securities filing that it is considering alternatives to increase its capital markets activities through potential options such as partnerships and a restructuring of its investment banking unit, the news wire reported.

Reuters said the Brazilian state-owned bank and UBS could finalize a deal as soon as October, which would see Banco do Brasil's investment banking unit merged with UBS Brazil division. No payment is expected in the potential deal, which is favored by Ros Stephenson, who was recently named UBS' global co-head of investment banking, sources added.

UBS, which has been trying to increase its influence in Brazil, would hold a controlling stake in the combined entity but would share its governance with Banco do Brasil, the report said.