UBS AG, Switzerland’s biggest bank, and Sao Paulo-based Brasil Plural SA Banco Multiplo are in talks to buy BNP Paribas SA’s Brazil wealth-management unit for about $50 million, a person with direct knowledge of the matter said.
BNP, France’s largest bank, is also negotiating with other potential buyers and no deal has been reached, said the person, who didn’t name the other companies and asked not to be identified because the talks are private. The business has about 7 billion reais ($3.47 billion) under management.
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