Link will be re canada goose uk outlet branded as UBS

UBS expands in Brazil even as it cuts back elsewhere

(Recasts to add details on strategy, stance on lending, background throughout)SAO PAULO, Feb 25 (Reuters) canada goose coats on sale UBS AG is expanding its capital markets and mergers advisory business in Brazil even as it cuts back in those areas globally, and despite worries over Brazil economic policy and the Swiss bank refusal to use lending to win business. Link will be re canada goose uk outlet branded as UBS Corretora. The brokerage 170 employees will uk canada goose bring UBS canada goose factory sale headcount in Canada Goose Jackets Brazil to 310.

Veteran banker Lywal Salles, who has spearheaded UBS return to Brazil, said the bank will not deploy Canada Goose Coats On Sale capital for loans in order to win deals, and instead will use the strength of Link brokerage business to attract investors as it focus on equities and advisory.

believe we canada goose store can go do well in Brazil without having to resort to lending to bolster buy canada goose jacket cheap our activities our roots are on equities, advisory, our traditional strengths, Salles told reporters in So Paulo. are not that kind of a traditional lender.

Some of UBS foreign rivals have been downsizing their Brazilian units to cope with three years of sub canadagooseoutletcanada par growth and market performance, as well as rising costs and slow deal flow.

Limiting loans in Brazil will help UBS reduce risk taking and leverage after the Swiss bank suffered trading Canada Goose Outlet losses of more than $50 billion in the aftermath of 2008 financial crisis. canada goose clearance sale The company has been cutting fixed income canadian goose jacket operations and returning to its private banking roots with moves such as its recent launch in China of a local unit to focus on areas such as wealth management.

In Brazil, UBS has at least three agreements in place Canada Goose sale to carry out initial public offerings. The bank also has one agreement for a follow on offering, 21 for mergers and acquisitions deals and another seven smaller scale M engagements for the wealth management division, said Salles and Daniel Mendona de Barros, chief executive of UBS Corretora brokerage unit.

CLOUDY OUTLOOK The outlook for investment banking business in Brazil remains cloudy, as investors are leery canada goose clearance that the government efforts to fight inflation may be too timid.

There were three initial public offerings in Canada Goose Online Brazil Canada Goose Parka in 2012, down from 11 uk canada goose outlet in each canada goose coats of the two previous years. Salles said the drop off was due to lack of investor confidence that the government of President Dilma Rousseff is doing enough to canada goose uk shop reduce inflation, which is running at its fastest pace in a year.

surely has been buy canada goose jacket seen as an overhang in confidence, mainly in the equity market, Salles said. things should improve soon. There is a canada goose canada goose outlet black friday sale list Canada Goose online of companies in line to go public, the catalysts will come, I am sure.

UBS takeover of Link comes as fees are coming down in Brazil crowded brokerage market. But UBS has said it expects synergies between the three units will help generate enough deal flow to keep supporting growth in an cheap canada goose uk economy that has seen capital markets activity lose steam over the past three years.

For the past 11 years, Link has topped derivatives trading volume rankings in the BM derivatives trading segment of the So Paulo Stock canada goose uk black friday Exchange, and is currently No. 2 in canada goose cash equities cheap Canada Goose trading.