UBS to hire Credit Suisse's Bas­san in Brazil re­vamp

The Pak Banker - - COMPANIES/BOSS -

UBS Group AG, the world's big­gest man­ager of money for the wealthy, hired Daniel Bas­san from Credit Suisse Group AG as a man­ag­ing di­rec­tor in Sao Paulo as part of a re­struc­tur­ing of its Latin Amer­ica busi­ness, two peo­ple with di­rect knowl­edge of the mat­ter said.

Bas­san will start in March and re­port to An­dre Laloni in the Zurich-based firm's in­vest­ment­bank­ing divi­sion, the peo­ple said, ask­ing not to be iden­ti­fied be­cause the move hasn't been an­nounced. UBS is also hir­ing ex­ec­u­tives in Chile and Colom­bia to ex­pand there as com­peti­tors re­treat, one of the peo­ple said.

UBS, which sold its lo­cal Banco Pac­tual SA unit to bil­lion­aire An­dre Esteves in 2009, re­gained a Brazil bank­ing li­cense in 2012 af­ter pur­chas­ing the bro­ker­age Link In­ves­ti­men­tos.

Credit Suisse had con­sis­tently ranked among the top merger ad­vis­ers in Brazil, though now it's pur­su­ing a strat­egy of fo­cus­ing more on Switzer­land and wealth man­age­ment in Asia as cap­i­tal re­quire­ments in­ten­sify. UBS re­sponded to the eco­nomic down­turn and tougher cap­i­tal rules with a world­wide in­vest­ment-bank­ing salary freeze at least un­til the se­cond quar­ter, peo­ple with knowl­edge of the mat­ter said this month.

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