Paper: ABN Amro insurer bids have Dec 20 deadline
Bnamericas Published: Thursday, December 09, 2004
Bids for the Brazilian insurance subsidiary of Dutch banking giant ABN Amro (NYSE: ABN) will be filed by December 20 and the result of the tender be announced before year-end, Brazilian financial daily Valor Econômico reported. ABN Amro was initially planning to sell 50% of its Brazilian insurer Real Seguros but could sell additional shares depending on the bids, the paper said. There are four contenders for the stake in Real Seguros, namely Spain's Mapfre, Mass Mutual from the US, Brazil's third largest private-sector bank Unibanco (NYSE: UBB) and a consortium made up by US insurer New York Life and Japanese insurance group Tokio Marine. Real Seguros is the eight largest insurer in Brazil in terms of premiums and it forms part of ABN Amro's Brazilian banking franchise.
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