Principal Financial Group Inc. (PFG) announced that The Principal and Banco do Brasil have signed a Memorandum of Understanding related to BrasilPrev Seguros e Previdência S.A., their pension and long-term asset accumulation joint venture in Brazil.
Under the terms of the Memorandum, and following completion of all necessary approvals and transactions, BrasilPrev will have, for 23 years, the exclusive right to manufacture and distribute pension and other long-term asset accumulation products within the Banco do Brasil network.
Other key elements of the Memorandum included Co-management of the joint venture, with The Principal owning 50.01 percent of BrasilPrev common stock and Banco do Brasil owning 49.99 percent; Economic interests of 25.005 percent to The Principal and 74.995 percent to Banco do Brasil; and The intent to negotiate BrasilPrev's acquisition of the pension portfolio of Mapfre Nossa Caixa.
For comments and feedback: editorial@rttnews.com