Paraguay's Banco Rio SAECA has bought insurance firm Asur Seguros for an undisclosed amount, 5días reported, citing Banco Río CEO Oscar Diesel.

Following the deal, the bank hopes to merge Asur Seguros into its Nobleza Seguros insurance business to strengthen it, and double both its assets and premiums.

The merger requires the formal authorization of the insurance regulator, but will not need the approval from Paraguay's Conacom competition authority, as the resulting merged entity will not end up holding a dominant market share in either premiums or profits, according to the executive.

Diesel added the process should take about 90 days, ultimately depending on the insurance superintendent.

Data from the country's central bank detailed that Banco Río SAECA had profits of about 26.93 billion Paraguayan guaraníes for 2019 as of October.

As of Dec. 19, US$1 was equivalent to 6,473.00 Paraguayan guaraníes.