Banco do Brasil SA Files To List Insurance Unit BB Seguridade SA-Reuters

Reuters reported that Banco do Brasil SA has filed to list its insurance and pension unit BB Seguridade SA on the Sao Paulo Stock Exchange. Bankers have told Reuters the transaction, which they expect to happen by April 2013, could fetch at least BRL5 billion ($2.5 billion). Under the proposal, which was unveiled in a filing with Brazilian securities regulator CVM, Banco do Brasil will sell as much as 40% of its pension, insurance and retirement company, BB Seguridade. The filing did not give details of the size of the deal, the number of shares on offer or a timetable for the transaction.