Papers: 3 insurers to bid for Nossa Caxia life & pension unit
Bnamericas Published: Friday, April 29, 2005
Three insurers are set to pre-qualify for the auction of a majority stake in São Paulo state-run bank Nossa Caixa's life insurance and pension unit, local press reported. The likely bidders are France's Cardif, Spain's Mapfre and local insurer Icatu-Hartford, according to market sources quoted by Brazilian financial dailies. Nossa Caixa will offer a 51% stake in its life and pension unit for a minimum asking price of 154mn reais (US$60.9mn). The winner will gain an exclusive right to distribute life and pension products at Nossa Caixa's bank branch network for 20 years. The official list of pre-qualified companies will be released on May 6 and the auction is scheduled to take place at the São Paulo Stock Exchange on May 24. At the end of last year, Nossa Caixa was Brazil's 10th largest bank in terms of assets and had 4.5mn clients.
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