Grupo BTG Pactual, Brazil’s best publicly traded independent
funding bank, is partnering with shareholder Abu Dhabi investment Council to
extend its reinsurance enterprise, stated leader executive Officer Andre
Esteves.
BTG and the sovereign fund will each take a 50 percent stake
in Ariel Re, the reinsurance unit that BTG has stated it’s acquiring from
global Atlantic economic institution Ltd., Esteves said in an interview. BTG
announced the purchase of Ariel Re on July 10, without disclosing its associate
or monetary terms.
The Sao Paulo-based lender managed by using Esteves is
expanding across the world as Brazil’s growth slows. It stated ultimate month
it agreed to buy Assicurazioni Generali SpA’s Swiss private-banking unit for
1.5 billion Swiss francs ($1.7 billion) to assist build a international
non-public-banking platform.
“The coverage and reinsurance business is an ideal way to
diversify hazard,” Esteves said Aug. 1 at his office in Sao Paulo.
Abu Dhabi funding Council offered a stake in BTG in December
2010, earlier than BTG’s initial public imparting in 2012, Esteves stated.
there was no reaction to messages left at the fund looking for remark.
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