LISBON May 2 The Portuguese government on
Thursday gave the go-ahead to the privatisation of the insurance
arm of state-owned bank Caixa Geral de Depositos, expecting to
complete the process before the end of the year.
Caixa Seguros, as the unit is known, is the leader in the
country's insurance sector. Last year, CGD already sold its
healthcare unit for 86 million euros. The sale of the two units
was agreed between Portugal and its EU/IMF lenders under the
terms of a 78-billion euro bailout in 2011.
"This decision allows Portugal to comply with the bailout
demand of rationalising the structure of the bank,"
Parliamentary Affairs Minister Luis Marques Guedes told a
(Reporting By Sergio Goncalves, writing by Andrei Khalip)