UBS and Banco do Brasil Launch UBS BB Investment Bank and Unveil the Firm’s Leadership Team
UBS and Banco do Brasil have officially named their strategic partnership in South America as UBS BB Investment Bank. The new entity aims to become a leading investment bank in the region, offering M&A advisory, debt and equity capital markets services, and institutional securities brokerage across multiple South American countries. UBS BB will be headquartered in São Paulo and led by Daniel Bassan as CEO, alongside key executives from both firms. UBS holds a 50.01% stake while Banco do Brasil owns 49.99%. This partnership is expected to enhance investment banking capabilities in the region significantly.
- Formation of UBS BB Investment Bank to leverage combined strengths of UBS and Banco do Brasil.
- Investment banking services offered across Brazil, Argentina, Chile, Peru, Paraguay, and Uruguay.
- Expected growth in market share with enhanced M&A and advisory capabilities.
- Potential challenges in integrating the two firms' cultures and operational structures.
SÃO PAULO--(BUSINESS WIRE)--Today, UBS and Banco do Brasil announced the name of their strategic partnership in South America, UBS BB Investment Bank (“UBS BB”), as well as its executive leadership team and brand identity.
Positioned to become the leading investment bank in the region, UBS BB will provide clients with access to M&A and advisory capabilities, debt and equity capital markets, and a broad network of corporates and investors, as well as institutional securities brokerage and research. UBS BB will provide investment banking services in Brazil, Argentina, Chile, Peru, Paraguay and Uruguay and institutional securities brokerage in Brazil.
Headquartered in São Paulo, Brazil, the new organization will be led by the following individuals:
- Hélio Magalhães, UBS BB Chairman of the Board and Chairman of the Board of Directors at Banco do Brasil
- Sylvia Coutinho, UBS BB Vice Chairman & Board Member and UBS Country Head, Brazil & UBS Head of Wealth Management, Latin America
- Daniel Bassan, UBS BB Chief Executive Officer (formerly Head of Global Banking, Brazil, UBS Investment Bank)
The UBS BB Board of Directors will also include two executives from UBS and two executives from Banco do Brasil. The new board members will continue in their current roles with UBS and Banco do Brasil:
- André Guilherme Brandão, CEO of Banco do Brasil
- Darryll Hendricks, Americas Chief Operating Officer, UBS
- Francisco Lassalvia, Director of Capital Markets, Banco do Brasil
- Ros L’Esperance, Co-Head of Global Banking, UBS Investment Bank
UBS BB also unveiled its brand identity, which seeks to convey the strengths, values and aspirations of two complementary players with local and global resources. The new logo merges both organizations’ brand color palettes.
“I am thrilled to lead this new organization, which combines UBS’s global strengths and platform with Banco do Brasil’s unparalleled local knowledge, experience and relationships to become the leading investment bank in the region,” said Daniel Bassan, UBS BB Chief Executive Officer. “We look forward to building a new company that provides world-class client service and leading financial products and solutions that will help promote growth in the region.”
André Brandão, CEO of Banco do Brasil and UBS BB Board Member, highlighted, “Banco do Brasil has a strong position in the Brazilian capital markets and this partnership with UBS will accelerate the development of our investment banking platform with a broader and more sophisticated range of products and services. By offering best-in-class solutions and experiences to our customers, UBS BB will be positioned at a new level in the industry.”
“South America is a dynamic and growing market, which we believe will offer significant opportunities for our new firm and clients alike," said Sylvia Coutinho, UBS Country Head, Brazil and UBS BB Vice Chairman. “As the only true ‘glocal’ player in Brazil, we will create a leading platform in the region that will help our clients take advantage of the inflexion point in the capital markets and navigate the new interest rate environment.”
As announced in November 2019 and following regulatory approvals, UBS BB was established through the combination of assets from both stakeholders. UBS holds a
Leadership Biographies
Daniel Bassan, Chief Executive Officer, UBS BB Investment Bank
Daniel Bassan is the Chief Executive Officer for UBS BB Investment Bank and Head of UBS Investment Bank, Brazil. He joined UBS in March 2016 as Managing Director in São Paulo, after having worked at Credit Suisse for five years. At Credit Suisse he was responsible for the coverage of Real Estate, TMT, Metals and Mining, Financial Sponsors and Education corporates. Prior to Credit Suisse, Mr. Bassan worked at BTG Pactual for 11 years.
Mr. Bassan graduated in Civil Engineering from Pontifícia Universidade Católica - Rio de Janeiro and is fluent in Portuguese and English.
Hélio Magalhães, Chairman of the Board, UBS BB Investment Bank
Hélio Magalhães is Chairman of the Board for UBS BB Investment Bank and Chairman of the Board of Directors of Banco do Brasil. Mr. Magalhães serves as an independent Board Member at Eletropaulo and at Companhia Melhoramentos de São Paulo, and is a member of the Board of Directors of Elo Participações. He served as CEO of Citi Brasil from 2012 to 2017, CEO of American Express Brazil from 2010 to 2012, and CEO of American Express Mexico from 2006 to 2010.
He graduated in Electronic Engineering and Computer Science from The George Washington University and has a Master’s degree in Information Technology from the Pontifícia Universidade Católica in Rio de Janeiro.
Sylvia Coutinho, Vice Chairman, UBS BB Investment Bank
Sylvia Coutinho is UBS BB Investment Bank Vice Chairman and UBS Country Head Brazil, a role she has held since 2013. She is also UBS Head of Wealth Management Latin America.
Prior to joining UBS, Ms. Coutinho spent 29 years in various senior roles at HSBC and Citibank across geographies, covering Asset Management, Emerging Markets, Retail, Insurance and Wealth Management. At HSBC, Ms. Coutinho was most recently the Head of Retail Banking, Asset Management and Wealth Management Latin America, and was responsible for Wealth Management, Asset Management, Insurance and Retail Banking for the region. She supervised over 26,000 employees, 15 million clients, 2,500 branches and USD 130 billion of assets under management. Prior to that, Ms. Coutinho lived in the US for 13 years and was the Head of Asset Management for HSBC Americas and Emerging Markets, overseeing the firm’s USD 170 billion Asset Management business across 10 countries in the Americas and the BRIC region.
Ms. Coutinho is a Board Member of Edenred and Swiss Re Americas and serves on several non-profit institutions, including Cosag, GRI, Ayrton Senna Institute, Instituto Ipê for Conservation, Coalition for Climate Forest and Agriculture and many others. She has also been a member of YPO since 2005.
She holds a degree in Engineering from the University of São Paulo and has an MBA from Columbia University in New York.
Board Member Biographies
André Guilherme Brandão, Member of the Board
André Guilherme Brandão was appointed CEO of Banco do Brasil in September 2020. He has 34 years of experience in the financial services industry. Prior to Banco do Brasil, he worked at HSBC for more than 20 years in various roles, including as the Head of GBM Americas and Europe. He was also the CEO of HSBC Broker Dealer in the US and CEO of HSBC Brazil. Before joining HSBC, he worked at Citibank as the Head of Product Structuring. Mr. Brandão graduated with a degree in Computer Science from Mackenzie University in São Paulo, Brazil.
Francisco Lassalvia, Member of the Board
Francisco Lassalvia is Director of Capital Markets at Banco do Brasil and has been at the firm for 25 years. Prior to Banco do Brasil, Mr. Lassalvia worked as Head of the Private Bank Unit, Regional Superintendent in Florianópolis city, Executive Manager in the Southeast Distribution Directorship and Retail Superintendent in Sao Paulo. He is an advisory Board member at Previ Futuro, Fiscal Council member at Ativos and at Brasilprev (alternate position) and Board member at BB Securities LLC. Mr. Lassalvia was Executive Officer at Bescval – Distribuidora de Títulos e Valores Mobiliários S.A. until 2020. He has a degree in Economic Sciences, an MBA in Finance and the Executive Development Program from Banco do Brasil.
Ros L’Esperance, Member of the Board
Ros L'Esperance is the Co-Head of Global Banking at UBS, managing the investment banking businesses on a world-wide basis. At UBS, Ms. L’Esperance drives the strategy and oversees all industry and client coverage groups and origination teams, including mergers and acquisitions, debt and equity financings and the financing solutions business. She co-chairs the Global Banking Management Committee, is a member of the Investment Banking Executive Committee and Investment Banking Risk Committee. She is also heavily involved in UBS’s diversity efforts.
Prior to joining UBS in September 2014, Ms. L’Esperance held a variety of senior management positions in the Investment Banking Division of Barclays PLC including Chairman of Global Investment Banking and Head of Global Mergers & Acquisitions and Corporate Finance. She also served as a member of the Investment Banking Executive Committee.
Ms. L’Esperance began her career as an Associate in the Media and Communications practice at Lehman Brothers where she later headed the Global Financial Sponsor Practice and Global Corporate Finance. She continued to work at Lehman Brothers until the firm was acquired by Barclays in 2008. She has extensive transaction experience across multiple products and industries and has been voted one of the “Top 50 Rainmakers” by Dealmaker magazine.
Ms. L’Esperance holds a Bachelor’s Degree with honors from the University of Sheffield in England and an MBA from NYU Stern School of Business. She is a board member of the Boys Club of New York.
Darryll Hendricks, Member of the Board
Darryll Hendricks is the Regional Operating Officer in the Americas for UBS Investment Bank and Chief Operating Officer for UBS in the Americas. He has held a number of roles at the firm including, Global Chief Operating Officer for the Investment Banking business, Chief Operating Officer for UBS's Non-Core and Legacy division and Head of Strategy for UBS Investment Bank. He also held various positions in Risk Control, including Global Head of Risk Methodology.
From 2013 to 2018, Mr. Hendricks was a member of the Board of Directors of the Depository Trust and Clearing Corporation (DTCC). From 2009 to 2012, he served as the Chair of the US industry task force on tri-party repo infrastructure, which developed a series of recommendations and a blueprint for changes in the operation of the US tri-party repo market. Mr. Hendricks is a member of the Council on Foreign Relations and has served on multiple advisory boards related to financial markets and public policy issues.
Before joining UBS in 2005, Mr. Hendricks worked at the Federal Reserve Bank of New York for 13 years. He has a PhD from Harvard University.
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