Unibanco Eyes AIG Brazil Stake

Unibanco, which has a 52% stake in the Brazilian insurance joint venture Unibanco AIG, is looking at potentially buying AIG’s 48%. The unit’s president Jose Rudge, suggested on a conference call late Tuesday that Unibanco has the first right of refusal if the stake goes up for grabs. “We are very attuned to opportunities that may arise from this and would analyze the opportunity to buy if it were for sale,” says Rudge, adding that this would be a natural step for Unibanco. He declines to comment on whether AIG had offered to sell, or if Unibanco is in direct acquisition talks. Unibanco AIG Seguros e Previdencia had BRL12bn in assets for the fiscal year 2007 and posted revenues of BRL5.6bn during the period. Rudge was not available for additional comment.