May 2, 2013 / 12:36 PM / 4 years ago

Portugal govt approves CGD's insurance arm privatisation

LISBON, May 2 (Reuters) - 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 briefing. (Reporting By Sergio Goncalves, writing by Andrei Khalip)

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