Brazilian bank CEF seeks 1 bln euros to renew CNP partnership - Les Echos

lunes 3 de agosto de 2015 03:38 GYT
 

PARIS Aug 3 (Reuters) - The Brazilian government is seeking 1 billion euros ($1.10 billion) from French insurer CNP Assurances to renew a distribution agreement with state lender Caixa Econômica Federal, French newspaper Les Echos reported.

The demand could leave the French company - whose main shareholder is the state-backed lender Caisse des Depots with a 41 percent stake - needing to raise new capital, the business daily said.

The exclusive distribution agreement ends in 2021.

CNP Assurances sells its products in Brazil using Caixa Econômica Federal's network via their Caixa Seguridade joint venture.

CNP generates about a quarter of its revenue in Brazil and much of its growth.

The Brazilian bank aims to float its share on the stock market this year.

($1 = 0.9106 euros) (Reporting by Leigh Thomas; Editing by Andrew Callus)