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Brazil's Banrisul, Icatu Seguros team up to establish new marketing firm

Banco do Estado do Rio Grande do Sul SA, or Banrisul, has teamed up with Icatu Seguros SA to establish a company that will have 20-year exclusivity in the marketing of the bank's capitalization products.

The company will become a subsidiary of Banrisul Icatu Participações SA, a holding company in which Banrisul and Icatu Seguros own 49.99% and 50.01% of the shares, respectively.

Through the partnership, Banrisul aims to consolidate its prominent position in the marketing of capitalization products in the state of Rio Grande do Sul and Brazil's southern region, as well as diversify and increase its revenue sources.

The operation is subject to the approval of Banco Central do Brasil, insurance regulator SUSEP and antitrust regulator Cade.