09:26 AM EDT, 09/04/2024 (MT Newswires) -- UBS (UBS) is merging its wealth management and private banking businesses in Brazil into a consolidated unit as the bank reorganizes its workforce after its acquisition of Credit Suisse, Bloomberg reported Wednesday, citing an internal memo.

The new unit, called GWM Brazil, will be jointly led by Luiz Borges and Rafael Gross, the report said.

Gross was the head of Brazil client coverage at Credit Suisse, Bloomberg said, adding that Borges was a founding partner at Consenso, an independent multifamily office that UBS acquired in 2017.

UBS didn't immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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