Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Brazil's Caixa picks Morgan Stanley as co-advisor on insurance deals: source

Published 05/25/2019, 08:43 AM
Updated 05/25/2019, 08:45 AM
© Reuters. A view shows the company logo of Caixa Economica Federal bank in downtown Rio de Janeiro

© Reuters. A view shows the company logo of Caixa Economica Federal bank in downtown Rio de Janeiro

By Tatiana Bautzer

SAO PAULO (Reuters) - Brazilian state lender Caixa Economica Federal has picked investment bank Morgan Stanley (NYSE:MS) as co-advisor to help it find insurance partners, a source with knowledge of the matter said.

Morgan Stanley will manage the process alongside Caixa's investment banking unit, the source said. Caixa Seguridade Participacoes, the insurance unit of the state lender, on Friday launched four processes to select insurance partners to sell health, dental, assistance and large risk policies.

Caixa had already sent invitations to insurers to offer other kinds of policies on May 10.

The insurance partners will have the right to underwrite policies for 20 years and sell them to Caixa's 93 million clients through its more than 4,000 branches.

The bank intends the deals to increase Caixa Seguridade's revenue before its initial public offering. The planned IPO is part of Caixa's plan to raise up to 100 billion reais from the sale of assets it owns or manages.

© Reuters. A view shows the company logo of Caixa Economica Federal bank in downtown Rio de Janeiro

Caixa and Morgan Stanley did not immediately respond to requests for comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.