BPB to launch insurance products this year

Brazilian micro credit bank Banco Popular do Brasil (BPB) will start selling low cost insurance products to its 1.2 million customers this year, the bank said in a statement. BPB plans to offer its customers specially designed life insurance and savings bond products at the end of the first half this year, BPB president Ivan Guimarães said. Federally controlled bank Banco do Brasil launched BPB in February last year to offer banking products to the poor, many of whom do not have access to conventional banking channels. BPB's distribution system is entirely based on partnerships with retailers and drug stores chains. It counted 5,900 points of sale at the end of the 12-month period. Banco do Brasil retail and distribution manager Edson Monteiro told BNamericas that it is a natural step to add insurance to BPB current product line up as part of its goal to boost bank penetration in Brazil. Monteiro said that Banco do Brasil, with the help of BPB, has been the main driver of increased bank penetration in Brazil during the last couple of years. Banco do Brasil is Brazil's largest bank in terms of overall market share.