Mellon Bank Corp. is forming a strategic partnership with a leading Brazilian investment bank.
Pittsburgh-based Mellon is buying a 40% stake in Banco Brascan. In addition, Mellon and Banco Brascan plan to form Mellon Brascan Asset Management, an investment management venture combining Mellon's global asset management expertise with Brascan's knowledge and 100 years of experience in Brazil.
Terms of the transaction were not disclosed.
Banco Brascan provides corporate and institutional financial services including brokerage, corporate finance, capital markets, foreign exchange, merger and acquisition financing and advisory, and securities trading and brokerage.
"Banco Brascan is a very well-respected investment bank and a strong partner for introducing Mellon's broad selection of banking and investment management products and services to this key strategic market," said Jamie B. Stewart Jr., vice chairman, Mellon Bank Corp.
Mr. Stewart said the alliance "furthers our global strategy of entering key growth markets for core products, meeting our customers' expanding needs, and building our investment management business."