STXNEWS LATAM-Brazil grants life insurance permit to BTG Pactual
Susep, as Brazil's insurance industry regulator, on Wednesday approved a plan by investment banking firm Grupo BTG Pactual SA to open a life insurance and pension unit.
According to the government's official gazette, the unit, to be named BTG Pactual Vida e Previdência SA, will have capital of 30 million reais ($13.6 million) and be authorized to sell and structure life insurance and retirement products.
BTG Pactual had approved the creation of the unit in January.
($1 = 2.20 Brazilian reais)