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Brazil: Itaú Unibanco to sell high-risk corporate insurance unit

January 23, 2014 - 6:00am

Brazilian lender Itaú Unibanco Holding S.A. will put up for sale its high-risk corporate insurance unit, Reuters reported.

The disposal of the insurance unit could fetch Itaú 1 billion Brazilian reais ($424 million), Francisco Kops, analyst at Banco Safra S.A.'s brokerage unit, said. The bank said the bidding for the unit will be "competitive." The unit earns revenue of around BRL 1.7 billion annually.

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