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Fosun inks deal for Guide Investimentos; Grupo Sura Q4 profit doubles YOY


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Fosun inks deal for Guide Investimentos; Grupo Sura Q4 profit doubles YOY

* Banco Indusval SA said it signed a binding agreement to sell a 70% stake in Guide Investimentos SA Corretora de Valores to Fosun Investimentos (Brasil) Ltda. for up to 290.0 million Brazilian reais. Of the total amount, 120.0 million reais will depend on Guide Investimentos' financial results for 2018 and 2019. The deal is subject to regulatory approvals.

* Grupo de Inversiones Suramericana SA posted net income of about 357.18 billion Colombian pesos for the fourth quarter of 2017, up 102.5% from 176.38 billion pesos earned in the year-ago period. The company's full-year 2017 profit, however, fell 13.0% from 2016 to 1.455 trillion pesos.


* Mexico's insurance industry grew 2.5% in 2017, with issued premiums reaching about 490.62 billion Mexican pesos, El Economista reported, citing data from industry regulator CNSF. Meanwhile, the Organization for Economic Cooperation and Development said Mexico had an insurance penetration of 2.2% of GDP in 2016, compared to an average of 9% for OECD member countries, the publication reported separately.


* Notre Dame Intermédica Participações S.A. filed for an initial public offering with the Sao Paulo stock exchange. The healthcare insurer will issue new shares in a primary offering while a secondary option will allow controlling shareholder Bain Capital Public Equity LP to sell a portion of its stake.

* Brazilian banking industry association Febraban and the country's federal police signed a cooperation agreement to combat electronic fraud crimes. A total of 14 Brazilian banks are part of the agreement, which regulates procedures banks must follow to report crimes to authorities.

* Banco do Brasil SA said its board approved interest on own capital amounting to 227.56 million reais tied to its 2018 first-quarter results. The amount corresponds to about 8.17 centavos per share and is subject to tax withholding.

* Brazilian consumer credit demand rose 9.1% year over year and grew 5.4% month over month in January, according to credit research firm Boa Vista SCPC. In the 12-month rolling period through January, the indicator advanced 1.5% compared to the previous period.

* Brazilian central bank chief Ilan Goldfajn said the bank is working on initiatives to tackle distortions in the credit card market, but added that it is not planning to ban interest-free credit card installments, Valor Econômico reported.

* Brazilian central bank head Ilan Goldfajn said the government must continue pushing key reforms in order to sustain the country's economic revival, Reuters reported. His comments follow President Michel Temer giving up on a pension overhaul, which led Fitch Ratings to downgrade Brazil.

* Alexandre D'Ambrosio has resigned as Banco Santander (Brasil) SA's vice president of corporate affairs and will be replaced by Alessandro Tomao, who already serves as an executive in the department, Valor Econômico reported.


* Colombia's Grupo de Inversiones Suramericana SA said it is setting up a new company in Panama, called SURA Ventures SA, as part of an effort to streamline the group's organizational structure, La República reported. Once the new company is authorized, current Panamanian unit Grupo de Inversiones Suramericana Panamá SA will be absorbed by the parent.

* Anebre, a union representing about half of the staff at Colombia's central bank, is asking the bank to distribute 10% of its profits among employees and provide them with new perks such as housing subsidies, La República reported. The central bank's profit almost tripled in 2017 from the previous year, according to the report.


* The Organization for Economic Cooperation and Development said a rebound in copper prices and a gradual recovery in investments should help Chile's economy expand 2.9% in 2018 and 2019, up from growth of 1.5% in 2016 and 1.7% in 2017.

* Argentina's government projects economic expansion of 3.5% in 2018, but a prolonged drought that has lasted for four months threatens that growth forecast, Reuters reported, citing Treasury Ministry Chief Advisor Guido Sandleris.

* Andrónico Luksic, the head of Banco de Chile's holding company, said the bank should be able to finish repaying subordinated debt owed to Chile's central bank by 2019, La Tercera reported. The debt originates from a financial rescue of Banco de Chile in the 1980s.

* Wanap, Argentina's first fully digital bank, will start installing ATMs at local airports in March and also plans to install ATMs at retail outlets later, El Cronista reported.


* Middle East & Africa: Attijariwafa Bank FY'17 profit up 13.3%; Nene back as South Africa finance chief

Helen Popper contributed to this article.

The Daily Dose has an editorial deadline of 8:00 a.m. São Paulo time, and scans news sources published in English, Portuguese and Spanish. Some external links may require a subscription.