Pan Seguros sale expected to yield 800 mln reais for BTG - paper
SAO PAULO Feb 24 (Reuters) - Brazilian investment bank Grupo BTG Pactual SA is expected to announce the sale of its 51 percent stake in insurer Pan Seguros SA and broker Pan Corretora SA to France's CNP Assurances SA for 800 million reais ($202 million), the Valor Economico paper said on Wednesday.
Without citing sources, Valor said the deal was in its final stages of negotiation and should be the fourth major asset sale by BTG Pactual in roughly three months.
On Monday, EFG International agreed to buy BTG Pactual's Swiss private bank BSI for 1.33 billion francs ($1.34 billion) in cash and shares.
The imprisonment of BTG Pactual founder Andre Esteves in November for suspected obstruction of justice in Brazil's massive corruption investigation known broadly as "Operation Car Wash" undermined confidence among BTG investors.
Soon after, the bank embarked on a campaign of asset sales to try to shore up its capital position, which quickly came under pressure.
The remaining 49 percent of Pan Seguros is held by the investment arm of state-run bank Caixa Economica Federal (CEF), Caixapar. CNP is already a partner with CEF, holding 50.75 percent of its Caixa Seguros insurance business.
Reuters reported in January that CNP had entered exclusive talks with BTG Pactual for the asset. (Reporting by Reese Ewing; Editing by Mark Potter)
© Thomson Reuters 2017 All rights reserved.