IN BRIEF (Page 17)

UBS sells Brazil unit

UBS AG, Switzerland's largest bank, agreed to sell its Brazilian banking operations to Andre Esteves, the former head of the business, for $2.5 billion to reduce risk and free up capital.

The sale of UBS Pactual, bought by the Swiss bank in 2006, will lead to a "small loss", the Zurich-based company said yesterday. The purchase by Esteves's BTG Investments includes cash and an assumption of liabilities, UBS said.