BB Seguridade eyes Itaú's high-risk insurance portfolio - CFO

SAO PAULO Wed Feb 12, 2014 1:26pm EST

SAO PAULO Feb 12 (Reuters) - BB Seguridade Participações SA , Brazil's largest listed insurance company, is analyzing a potential bid for Itaú Unibanco Holding SA's high-risk corporate insurance portfolio, Chief Financial Officer Leonardo Mattedi said on Wednesday.

Itaú, Brazil's largest bank by market value, put the unit up for sale late last month in a bid to deploy capital more efficiently in coming years. Itaú could fetch about 1 billion reais ($424 million) from the sale, according to Francisco Kops, an analyst at Banco Safra's brokerage unit.

BB Seguridade, which is controlled by state-run banco do Brasil Sa, plans to enter the global market for reinsurance jointly with reinsurer IRB-Brasil, Mattedi and other executives said at an event in São Paulo.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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