Deutsche Bank today announced its appointment as depositary bank for the Level I American Depositary Receipt (ADR) program of Brazil-based BB Seguridade Participações S.A. (BB Seguridade).
BB Seguridade (OTC US: BBSEY) is an insurance and brokerage holding company controlled by Banco do Brasil S.A. (Banco do Brasil), the largest Brazilian and Latin American bank in terms of assets. Through its wholly-owned broker, BB Corretora, BB Seguridade distributes a wide variety of insurance related products via Banco do Brasil’s extensive distribution network. BB Seguridade’s portfolio of products includes life, rural, property and casualty insurances, pension plans, and premium bonds. BB Seguridade also works with nearly 20,000 authorized brokers across Brazil to offer mainly vehicle and other non-life insurance products. BB Seguridade is expanding into new businesses, with its recently created Brasildental to operate in the dental insurance segment, and in August 2013, it entered into the reinsurance market. Since 2013, BB Seguridade’s shares have been listed on the BM&FBOVESPA’s Novo Mercado under the ticker BBSE3.*
Jose Sicilia, Global Head of Global Equity Services at Deutsche Bank said, “We are delighted to be appointed as the depositary bank for BB Seguridade’s ADR program. This appointment demonstrates Deutsche Bank’s continued commitment to its clients in Latin America. We look forward to working with BB Seguridade to enhance its ADR program visibility and broaden its investor base."
*Source: BB Seguridade (March 2014)