AIG, Brazil’s Unibanco buy each other’s venture holdings
POSTED BY STEVEN WEVODAU
By Robert Daniel
TEL AVIV (MarketWatch) — American International Group Inc., (AIG
American International Group, Inc
BR:UNIBANCO) the Sao Paulo, Brazil, banking group, said late on Wednesday that they agreed to buy each other’s cross-holdings in their Brazilian joint ventures. Terms weren’t disclosed. Under the terms, Unibanco will purchase the shares in Unibanco AIG Seguros SA that are held by certain AIG subsidiaries; and an AIG subsidiary will purchase Unibanco’s stake in AIG Brasil Co. de Seguros. Unibanco AIG Seguros will be renamed Unibanco Seguros SA. Unibanco AIG built an 8% market share during its 11 years in operation, the companies said. AIG will continue to offer products and services through AIG Brasil, “while continuing to work with” Unibanco Seguros on opportunities in fields including reinsurance and corporate insurance, the companies said.
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