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Brazil's Itaú agrees to sell group life insurance unit to Prudential

Reuters - UK Focus

SAO PAULO, Sept 19 (Reuters) - Brazilian lender Itaú Unibanco SA agreed to sell its group life insurance operations to Prudential (SES: K6S.SI - news) do Brasil Seguros de Vida SA, the bank said in a securities filing on Monday, without disclosing a price for the transaction.

Itaú, Latin America's largest bank by market value, expects the sale of the unit, which operates mostly through brokers, to have no relevant impact on its 2016 results, according to the statement. The bank declined to give details on the operation beyond what was in the filing. (Reporting by Bruno Federowski and Alberto Alerigi Jr.; Editing by Chizu Nomiyama)