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“US banks invested or divested depending on the economic cycle. We didn’t do that. We left because we had capital issues” Raul Esquivel, UBS |
Senior UBS officials are confident that the Swiss firm’s acquisition of a boutique Brazilian broker last month is the first step towards reclaiming its position as one of the country’s leading investment banks.
“We expect to get back to the top again,” says Raul Esquivel, head of Latin America for UBS’s investment bank, following its acquisition of Link Investimentos, a broker-dealer that specializes mostly in equities, for about $112 million.
The deal comes a year after UBS sold Banco Pactual, its financial services arm in Brazil, as part of its efforts to reduce its risk profile and strengthen its balance sheet in the wake of the financial crisis.
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