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Bradesco Denies Purchase Negotiation For SulAmerica Stake

Bradesco discarded discussions last month on an alliance with Porto Seguro, a Brazil-based automobile insurer

Bradesco, a Brazil-based private sector bank, has rejected a report that said it was having discussions regarding the acquisition of a stake in insurer, SulAmerica – reported Reuters.

The source claims that Bradesco was keen in the Dutch group ING’s 21% stake in SulAmerica. Spokesman of Bradesco, however, said: We are denying it.”

Reportedly, Bradesco has discarded discussions last month on an alliance with Porto Seguro, a Brazil-based automobile insurer. Itau Unibanco, a private-sector bank of Brazil, had sealed a merger agreement with Porto Seguro instead on August 24.

SulAmerica also manages assets apart from its insurance business. Unlike Porto Seguro, SulAmerica has a strong stake in the health insurance business. The company is more inclined towards higher-end clientele.