STXNEWS LATAM-Brazil grants life insurance permit to BTG Pactual

Wed May 21, 2014 7:04am EDT

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 PrevidĂȘncia 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)