US financial services conglomerate
Principal Financial Group and Banco do Brasil, Latin America’s
biggest bank by assets, have reached a definitive agreement to
extend their pension and long-term asset accumulation joint venture
in Brazil, BrasilPrev Seguros e Previdência SA (BrasilPrev).
Under the agreement BrasilPrev will
have the exclusive right to manufacture and distribute products
within the Banco do Brasil network for the next 23 years.
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“Together, over the past 10 years,
we’ve built BrasilPrev into one of Brazil’s top retirement services
companies with approximately threem accounts and nearly $16bn in
assets under management,” said Principal Financial chairman,
president and CEO Larry Zimpleman.
“We continue to expect BrasilPrev to achieve stronger than
market growth over the next two decades,” he added.
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