Banco do Brasil shareholders approve BB Seguridade unit IPO

SAO PAULO Wed Feb 20, 2013 4:54pm EST

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SAO PAULO Feb 20 (Reuters) - Banco do Brasil shareholders approved an initial public offering for the bank's insurance and annuity unit, according to a securities filing on Thursday.

Brazil's largest bank by assets said when it formed the unit, known as BB Seguridade, late last year that listing shares could help it unlock value from the fast-growing businesses of health, pension plans and retirement funds.

The filing said the share offering will include a primary and secondary offering on the so-called Novo Mercado, a segment of the Sao Paulo exchange with stricter governance rules than the rest of the market. (Reporting by Juliana Schincariol; Writing by Caroline Stauffer)

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