Brazil's Itaú to keep disposing of non-core insurance units
SAO PAULO Dec 16 (Reuters) - Itaú Unibanco Holding SA will continue to sell insurance assets that are not strategically key to Brazil's most profitable bank, Chief Executive Officer Roberto Setubal said on Tuesday.
Itaú plans to focus on insurance operations in low-risk segments, Setubal told shareholders at an event in São Paulo. Management will concentrate efforts on cost and expense controls next year, since the outlook for revenue in lending and financial services remains difficult, he added.
Setubal declined to detail which segments in Itaú's insurance business could be put for sale. This year, the bank sold a unit handling high-risk corporate insurance business to ACE Ltd for about $680 million in July. (Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal; Editing by Diane Craft)
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