Velloza & Girotto and Barbosa Müssnich win approval for insurance buy

29/07/2011 em Imprensa

Fonte: Latin Lawyer

Brazil’s Velloza & Girotto Advogados Associados has helped BB Seguros Participações, the holding company of Banco do Brasil’s insurance business, win regulatory approval for its acquisition of a stake in Brasilcap Capitalização.

Barbosa Müssnich & Aragão gave counsel to Sul América Capitalização (Sulacap) in the deal, which was rubber stamped by Brazil’s insurance regulator SUSEP on 22 July.

The acquisition, worth some 137 million reais (US$87.5 million), gives BB Seguros a 17 per cent stake in Brasilcap, which is controlled by Sulacap.

The other shareholders in Brasilcap are Brazilian investment banks Grupo Icatu and Companhia de Participações Aliança da Bahia.

Henrique Beloch, partner at Barbosa Müssnich & Aragão, says the deal reflects a trend in Brazil’s insurance market as well as a continuing straetgy by Banco do Brasil’s to streamline its operations.

“Insurance and capitalização are expanding markets and Brasilcap holds the largest share,” he says, adding the acquisition “follows Banco do Brasil’s plans to reorganise its insurance and capitalização businesses by adopting a model in which it intends to have only one strategic and exclusive partner in each line of business.”

Last year this strategy saw the bank close deals with Spanish insurance company Mapfre, to merge its Brazilian operations with the Banco do Brasil’s local insurance wing, as well as with pension company Principal Financial, to manage the merge the bank’s pension businesses.

Velloza Girotto advised Banco do Brasil on both deals, with Mapfre turning to Azevedo Sette Advogados and Principal Financial hiring 
TozziniFreire Advogados.

Counsel to Sulacap

Barbosa Müssnich & Aragão

Partner Henrique Beloch and associates Adriano Carneiro and Roberto Freitas (no longer with the firm)

Counsel to BB Seguros

Velloza & Girotto Advogados Associados

Partner Cesar Amendolara and associates Leandro Vilarinho and Marilia Poletti

Velloza Advogados |



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