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Caixa shareholders OK extension for conclusion of CNP Assurances agreement

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Caixa shareholders OK extension for conclusion of CNP Assurances agreement

Caixa Econômica Federal shareholders have agreed to extend the deadline for the conclusion of a new partnership between the bank, unit Caixa Seguridade Participações S.A. and France-based CNP Assurances SA, Valor Econômico reported.

The Brazilian state-owned bank, however, did not specify a date for the ultimate conclusion of the partnership, the report noted.

In September, CNP Assurances agreed to a nonbinding memorandum of understanding with CAIXA Seguridade, establishing the conditions for a new exclusive distribution agreement in Brazil.

The new agreement covers only life and consumer credit life insurance lines as well as private pension plans and will take effect from Jan. 1, 2018, to Feb. 13, 2041. The previous agreement had been set to expire in February 2021.