SAO PAULO (Reuters) – The newly announced joint-venture by UBS Group AG (UBSG.S) and Banco do Brasil will help the Swiss bank offset global pressure on investment banking fees, UBS’s co-head of investment banking Rob Karofsky told journalists on Thursday.

In a press conference, Sylvia Coutinho, country head of UBS Brazil, said the joint venture will seek a leading position in deals in South America “as soon as possible.”