BB plans to create BB Seguridade, list it next year
Bnamericas Published: Monday, November 26, 2012
Banco do Brasil ( BB) is considering consolidating its insurance, pension and surety bond businesses into a single company, called BB Seguridade, and selling its shares on São Paulo stock exchange Bovespa's Novo Mercado in an IPO next year. The offering would include primary and secondary shares, the bank said in a statement. With the creation of BB Seguridade, BB wants to consolidate all its assets in those segments to gain scale and lower costs as well as run any future expansion inside or outside Brazil. The announcement comes shortly after the Brazilian National Council of Private Insurance (CNSP) allowed for the first time local insurers to buy stakes in overseas insurance companies and set up overseas subsidiaries. BB also said it plans to expand into health and dental insurance brokerage. Under the plan, BB Seguridade will manage BB's 74.9% stake in a personal insurance JV with Spanish insurer Mapfre and a 50% stake in the P&C JV with Mapfre. BB Seguridade will also hold a 74.9% stake in private pension player Brasilprev, which is a joint venture with Principal Financial Group (NYSE: PFG), and a 66.7% stake in savings bonds company Brasilcap Capitalizacao, a company jointly owned with Icatu Seguros and Cia de Seguros Aliança da Bahia. The creation of BB Seguridade requires regulatory approval, the statement reads.
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