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UBS Names Senior Executives for Brazil Business

New York/Sao Paolo Media Releases Americas

Lywal Salles Appointed Chairman of UBS Group Brazil Eduardo Centola Named CEO of UBS Investment Bank, Brazil Daniel Mendonça Barros to Become CEO of UBS Broker-Dealer in Brazil

UBS today announced that it has strengthened its leadership team in Brazil with the appointment of three senior executives. Lywal Salles will join UBS as Chairman of UBS Group Brazil and Eduardo Centola will join UBS as Chief Executive Officer of UBS Investment Bank in Brazil. Additionally, upon the expected closing of UBS's acquisition of Link Investimentos, Daniel Mendonça Barros will become CEO of the UBS Broker-Dealer and Head of the UBS Securities business in Brazil. All three will be based in São Paulo.

"Building a strong Brazil franchise is a key priority for UBS," said Robert Wolf, Chairman and CEO of UBS Americas. "With its solid, growing economy and expanding wealth base, we see strong potential for all our business areas in Brazil."

Carsten Kengeter, Co-CEO of UBS Investment Bank added, "We are committed to bringing leading talent into our Brazil operation to drive the growth and competitiveness of our business. With the addition of these seasoned leaders, we believe that we are building strong momentum to regain a leading position in Brazil."

Salles, 64, will be responsible for oversight of all UBS's businesses in Brazil. He currently serves as Chairman of the Board of Banco Itau Europa International and Itau Europa Securities. From 2002 to 2008, he served as Executive Director at Itau Unibanco, where he was responsible for leading Itau Private Bank. Before joining Itau Unibanco, Salles held several senior positions at Citibank, including Regional Head of Latin America for the high net worth client segment, as well as senior roles with Citibank's Latin America broker-dealer and its consumer finance division for Latin America. He previously spent 15 years with Chase Manhattan Bank in various senior roles in Asia, the US and Latin America. He holds a BSc in Economics and a Graduate Diploma in Economic Engineering from the Federal University of Rio de Janeiro (UFRJ) and a Master's of Science in Administration from Syracuse University in New York. At UBS, Salles will report jointly to Robert Wolf and Raul Esquivel, Head of UBS Investment Bank for Latin America.

Centola, 42, will lead all areas of UBS Investment Bank in Brazil. He joins from Standard Bank Group where he has most recently served as CEO of the Americas. Previously, he was at Goldman Sachs, where he served as co-head of Latin America Investment Banking, and previously as co-head of Latin America M&A and Latin America Technology, Media and Telecom Investment Banking. Prior to joining Goldman Sachs, he served as Co-Head of Latin American M&A at Merrill Lynch. Centola holds an MBA from the William E. Simon Graduate School of Business in Rochester, NY and a BBA from Fundacao Getulio Vargas in São Paulo. Centola will report jointly to Raul Esquivel and Salles.

In his role as CEO of UBS's Broker-Dealer and Head of Securities, Barros, 40, will have responsibility over the Equities and Fixed Income areas of UBS in Brazil. At UBS, he will report to Centola and Neal Shear, Global Head of Securities. As a founding partner of Link, he has been with the firm since its creation in 1998. Prior to the founding of Link, Barros worked in fund management and third party assets at Unibanco, and previously in equity trading at Banco Planibanc. He received a degree in economics from Unicamp in São Paulo.

"Lywal, Eduardo and Daniel are gifted bankers with strong local relationships, and are well-known in the market for both solid leadership capabilities and their abilities to deliver first-class results for clients," said Esquivel. "We are extremely pleased for them to be part of UBS and to drive our efforts to be the leading financial services provider in Brazil."

As previously announced, UBS has agreed to acquire Link Investimentos, the largest independent broker-dealer in Brazil with a strong position in equities, equity research, equity derivatives, exchange traded FX, fixed income and commodity products. The transaction is expected to close in fourth quarter 2010, subject to Brazilian Central Bank approval. Following the integration of Link Investimentos UBS will have more than 300 employees in Brazil. Also as previously reported, UBS recently re-launched its Wealth Management Brazil business.

UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. We combine our wealth management, investment banking and asset management businesses with our Swiss operations to deliver superior financial solutions and manage CHF 2.2 trillion in invested assets.

UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 37% of its employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe and 10% in Asia Pacific. UBS employs about 64,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

Cautionary statement regarding forward-looking statements
This release contains statements that constitute “forward-looking statements” as to UBS management's expectations concerning future performance in Brazil. A number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS's expectations. These factors include, but are not limited to: future developments in the Brazilian and other markets in which UBS operates or to which it is exposed; the effect of possible political, legal and regulatory developments; and UBS's ability to retain and attract the key employees. In addition, our business and financial performance could be affected by other factors identified in our past and future filings and reports, including those filed with the US Securities and Exchange Commission (SEC). More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBS's Annual Report on Form 20-F for the year ended 31 December 2009. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.


Doug Morris of UBS at

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