STXNEWS LATAM-Banco do Brasil to submit unit IPO plan to shareholders

Wed Jan 30, 2013 6:28pm EST

Banco do Brasil SA said in a securities filing on Wednesday that its board of directors will submit to shareholders approval a plan to list its insurance and annuity unit. Brazil's largest bank by assets said late last year that an initial public offering of BB Seguridade, as the unit is known, could allow it unlock value from a fast-growing business and propel growth from health and pension plans to retirement funds and reinsurance.

Investor Relations Director Gustavo Sousa said in the filing that the IPO will depend on "market conditions."

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