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Earlier this month, Caixa announced it had started a process to select strategic partners who will provide their products in the housing, vehicle and property insurance segments.
More than 20 companies have signed non-disclosure agreements as part of partnership negotiations with Caixa, reported local daily O Estado de S. Paulo.
A Caixa spokesperson declined to comment, when contacted by BNamericas.
French group CNP Assurance is the current and exclusive insurance partner for Caixa, selling a wide range of insurance products at the state bank's branches across the country.
Caixa Seguridade will terminate the partnership with CNP in February 2021 and they have already reduced the scope of the partnership to products in the life, consumer credit life and private pension segments.
Caixa decided to end the partnership as it believes having multiple partners will be more beneficial in financial terms.