O Bank of Brazil announced that it will launch a new insurance platform directed to agribusiness. Therefore, the company signed a memorandum of understanding with BB Mapfre Participações, a company linked through BB Seguridade Participações.
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As far as is known, the agreement was made to develop a new company, entitled Broto S. A. According to the statement by Banco do Brasil, the platform will work in the productive branch of agribusiness. In short, it will offer machines, implements, energy and irrigation equipment, including storage and input services. This is not to mention the credit that will be provided by the institution, as well as insurance services.
In addition, the platform's share capital will be represented by common and preferred shares. Thus, the bank will be entitled to approximately 100% of the preferred shares, while Mapfre will command 100% of the common shares.
Finally, it seems that the constitution of the Broto platform will be subject to discussion and modification of the documents definitive, which include shareholders' agreements, and operating agreements, as well as governance approvals in the industries participants. Another necessary factor is the acquisition of the necessary regulatory and government authorizations, so that the platform can finally start operating.
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