AIG and Unibanco end joint ventures
Less than a month after Itau and Unibanco announced to merge and create South America’s largest private-sector banking group, Unibanco announced today that they are ending their joint ventures with AIG.
Unibanco AIG Seguros will drop the AIG from its name and Unibanco will assume full control of the business, which has become one of the top four corporate insurance companies in the Brazilian market.
An AIG subsidiary will purchase Unibanco’s shares in AIG Brasil and assume full operations of the reinsurance and corporate insurance company.
This move will simplify the merge between Unibanco’s insurance division and Itau’s insurance division at some point in the future.