Banco BMG SAsaid it reached an exclusive agreement with Italy-based for distribution of massifiedinsurance products through the Brazilian lender's channels and affiliates for a20-year period starting in the first quarter of 2017.

The deal, which was signed Oct. 4, is expected to provideBMG with a financial return of 1.5 billion Brazilian reais in the overallperiod. The partnership will target retirees, pensioners and public civilservants, the bank said in an Oct. 4 statement.

As of Oct. 4, US$1 wasequivalent to 3.22 Brazilian reais.