Esteves details his plans for Pactual
Slowly but surely UBS is dismantling the emerging markets business that it has built over the past few years. First, in January, it sold its 1.33% stake in Bank of China for a reported profit of about $350 million after a three-year lock-up period expired. Then, last month, it sold its Brazilian business, Pactual, back to its original owners for $2.5 billion.
While the first could be charitably characterized as an opportunistic trade, the latter is anything but. The...
