Susep approves Conapp transfer to BMG, Capemisa savings bond unit

Thursday, July 21, 2011

Brazilian insurance regulator Susep has authorized the transfer of insurance group Conapp's controlling stake to midsize lender Banco BMG from Capemisa, the agency said in official government gazette Diário Oficial da União.

Additionally, Susep authorized Capemisa's savings bond company Capemisa Capitalização to launch operations nationwide with initial capital of 12mn reais (US$7.70mn).

Conapp was acquired by Banco BMG in January this year from privately held Capemisa, a former not-for-profit private pension group turned company. Details of the transaction, including price, were not disclosed at the time.

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Susep, together with antitrust regulator Cade, approved the acquisition in April.