Bolivian state bank to make insurance market debut
Bolivian state-controlled lender Banco Unión is due to start competing with the country's private sector insurance players shortly.
The bank has received regulatory approval to launch a life insurance company and it will also create a P&C insurer, local daily Página Siete reported the bank's general manager, Marcia Villarroel, as saying.
The life insurer will be branded Univida and the bank is making final preparations ahead of its launch, Villarroel said.
The stated mission of Banco Unión is to make access to financial services available to all the population as well as to contribute to the country's economic and social development.
The bank's insurance debut will, indirectly, mark the government's first foray into the market and the move could put competitive pressure on some private sector insurers given the small size of the Bolivian insurance industry.
The goal of Banco Unión in the insurance market is to compete and to "improve the conditions" for consumers, Villarroel said.
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