November 20, 2012 / 8:40 AM / 5 years ago

Portugal's CGD bank sells healthcare arm for 86 mln euros

LISBON, Nov 20 (Reuters) - Portugal’s largest bank, state-owned Caixa Geral de Depositos, has agreed to sell its healthcare arm HPP to Brazil’s Amil, a unit of U.S. UnitedHealth Group, for 85.6 million euros ($109.7 million).

In a statement issued late on Monday, CGD said the value of the deal covered HPP’s debt, which it did not specify.

HPP has seven hospitals in Portugal employing about 4,000 health workers. Amil is Brazil’s largest health insurer and hospital operator.

Next year, CGD plans to proceed with the sale of its insurance arm Caixa Seguros - the leader in the country’s insurance sector.

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. Debt-laden Portugal is going through a painful fiscal adjustment that has stoked its worst recession since the 1970s.

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