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Caixa Econômica Federal to launch insurance unit IPO in April

Brazil's Caixa Econômica Federal will launch an initial public offering for its Caixa Seguridade Participações SA insurance arm in April, Estadão reported Jan. 6.

Citing sources close to the state-run lender, Estadão reported that market expectations are for the operation to raise more than 11.5 billion reais, based on the precedent of Banco do Brasil SA's similar IPO of its insurance arm, BB Seguridade Participações SA, back in 2013.

Caixa, which had originally intended to go ahead with the IPO in 2019, estimates its unit will reach the IPO with a market value of between 50 billion and 60 billion reais, the report said.

Caixa Seguridade's offering would be the first by a state-run bank under Brazilian President Jair Bolsonaro's economic team, and the bank has confirmed an extensive roadshow calendar leading up to April.

In preparation for the IPO, Caixa is also close to signing a $1.5 billion home insurance joint venture deal with Japanese insurer Tokio Marine, Estadão also reported Jan. 6. The bank is looking to partner up and raise capital for other product lines including car, health and dental insurance.

"In 2020, we will focus fully on the IPO of Caixa Seguridade and Caixa Cards," CEO Pedro Guimarães said in a recent interview. The executive also confirmed Caixa will be selling its stake in Banco Pan SA, which he described as "nonstrategic."

As of Jan. 3, US$ 1 was equivalent to 4.04 Brazilian reais.