(Reuters) – UBS AG will restart investment banking operations in
Brazil as early as next week, sources said, almost five years after Switzerland’s biggest bank sold its highly profitable securities unit there following the global financial crisis.

Two sources, who are not authorized to speak publicly on the matter, said on Friday that UBS and Brazil’s central bank agreed on setting March 12 as the date to activate the investment-banking license.

Sought for comment, UBS said it would continue to focus on wealth management, client solutions and its sales and trading business, including equity research, in Brazil.

UBS is also trying to expand its financial advisory business in Brazil despite Chief Executive Officer Sergio Ermotti’s push to focus on wealth management globally and limit the use of lending to fetch deals. Read the whole story here.