September 23, 2019
France's CNP Assurances said it has agreed to pay BRL7bn ($1.69bn) to extend a partnership with Caixa Seguridade, the insurance division of the Brazilian state-owned bank Caixa Econômica Federal.
In August last year, when CNP and Caixa announced the joint venture, the French insurer agreed to pay BRL4.65bn for a 40% stake.
The partnership involves life and credit life insurance and pension plans. CNP said it expects to earn returns above 15% from the 25-year partnership with Caixa.
French insurer puts in $1.7bn for a 25-year joint venture with the the Brazilian state-owned bank