Latin Counsel | Acquisition of BMG Seguradora by Itaú BMG Consignado, indirectly controlled by Itaú Unibanco

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Acquisition of BMG Seguradora by Itaú BMG Consignado, indirectly controlled by Itaú Unibanco

May 11, 2016

BMG Consignado, a joint venture between Itaú Unibanco and Banco BMG acquired BMG Seguradora. BMG Seguradora specializes in credit insurance and has generated R$ 62.6 million in actual volume of retained premiums during 2012. From January to May, the premium volume was R$ 42.4 million, 77% above the volume generated in the same period last year. BMG Seguradora will have exclusivity in the distribution of credit insurance products in the distribution channels of Banco BMG and Itaú BMG Consignado. The deal is still subject to approval by regulatory authorities.

Date of deal: June 27th, 2013

Deal status: Signed

TozziniFreire Advogados advised Itaú Unibanco S.A. through partner Marta Viegas and associate Edgard Pascarelli de Assumpção.

In-house lawyers:

Itaú Unibanco S.A.: Priscila Neves, Luis Eduardo Pires and Maura Siqueira Abrahao.