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July 17, 2002 at 08:00 PM
NU Online News Service, July 17, 3:08 p.m. – Prudential Financial Inc., Newark, N.J., says it will be splitting from Bradesco Seguros Group, Rio De Janeiro, Brazil, its longtime partner in the Prudential-Bradesco Seguros life insurance joint venture.
Prudential has agreed to acquire control of the venture by buying the 58,000 registered Prudential-Bradesco shares held by Bradesco Seguros. Prudential hopes to complete the deal, which requires regulatory approval, later this year, then rename the unit Prudential do Brasil Seguros de Vida S.A.
Prudential and Bradesco have been partners in the Brazilian life insurance market for 26 years.
