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Article: Unibanco and AIG Agree to Repurchase Each Others' Shares in Brazil Joint Ventures, UASEG and AIG Brasil.
- Article from:
- Business Wire
- Article date:
- November 26, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK & SAO PAULO, Brazil -- Unibanco - Uniao de Bancos Brasileiros S.A. ("Unibanco") and American International Group, Inc. ("AIG") announced today that they have entered into an agreement to repurchase their crossholdings in Unibanco AIG Seguros S.A. ("UASEG") and AIG Brasil Companhia de Seguros ("AIG Brasil"). Under the terms of the agreement, Unibanco will purchase the shareholding in UASEG held by certain of AIG's subsidiaries, and an AIG subsidiary will purchase Unibanco's shares in AIG Brasil. Unibanco AIG Seguros S.A.'s name will be changed to Unibanco Seguros S.A. ("Uniseg").
During the 11-year partnership, UASEG has increased its market share from ...