UBS Group AG named Sylvia Coutinho Brazil country head and the regional leader for Latin America businesses as the Swiss bank integrates teams from its acquisition of Credit Suisse Group AG.
(Bloomberg) — UBS Group AG named Sylvia Coutinho Brazil country head and the regional leader for Latin America businesses as the Swiss bank integrates teams from its acquisition of Credit Suisse Group AG.
Marcello Chilov, Credit Suisse’s former chief executive officer in Brazil and head of wealth management for Latin America, will run UBS global wealth management in Latin America, according to an internal memo seen by Bloomberg News. The changes take effect July 17.
Coutinho has been at UBS for more than 10 years, and was UBS’s Brazil country head prior to the merger. She was also head of wealth management for Latin America. In her new role, she will focus on leading integration efforts as well as overseeing regulatory, governance and collaboration between businesses for the region. She will report to Naureen Hassan, president of UBS Americas.
With Credit Suisse acquisition, UBS will leapfrog JPMorgan Chase & Co. to become Latin America’s biggest wealth manager. Credit Suisse has a larger presence than UBS in Brazil’s local private-banking market, including loans to wealthy Brazilians, while UBS has a multifamily-office model. UBS has booking centers in the US, including in cities preferred by Latin American clients, including Miami, New York and Houston — a presence Credit Suisse lacks.
“As we look ahead, we have a unique opportunity to further strengthen our position as a market leader,” Jason Chandler, head of global wealth management Americas, said in the memo, which was confirmed by Erica Chase, head of media relations for the Americas.
UBS agreed to the acquisition in March in a deal brokered by the Swiss government, which was picking up the pieces when Credit Suisse collapsed after years of management missteps and scandals.
Since September 2020, when UBS started a partnership with government-owned bank Banco do Brasil SA, UBS has been growing in investment banking in the region. The collaboration is expected to continue, people familiar with the matter have said.
The joint venture includes investment banking in South America and brokerage business in Brazil, where UBS is No. 2 so far this year, according to data compiled by Bloomberg. It also includes a commercial agreement between UBS BB Investment Bank and Banco Patagonia SA in Argentina, which is controlled by BB.
UBS BB Investment Bank is No. 3 in Brazil local bond underwriting, according to data compiled by Bloomberg.
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