France's CNP Negotiating to Buy BTG's Brazilian Insurance Units

CNP Assurances SA, France’s second-largest insurer, is negotiating to buy the insurance units of Grupo BTG Pactual SA, the embattled Brazilian investment bank.

CNP Assurances started exclusive talks with BTG to acquire 51 percent stakes in PAN Seguros and PAN Corretora, the Paris-based insurer said in a statement on Wednesday. No details on price or timing of the negotiations was given.

BTG has been seeking to sell assets after its then Chief Executive Officer and Chairman Andre Esteves was arrested in November amid allegations he sought to obstruct a corruption investigation involving Petroleo Brasileiro SA. Esteves was released last month and required by a judge to remain under house arrest in Sao Paulo. He has denied any wrongdoing through his lawyers.

Brazil is CNP’s second-largest market by revenue as the French insurer generated 2.48 billion euros ($2.68 billion) of premiums in the country in the first nine months of 2015.

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