CNP Assurances announced on March 31, 2021 the completion of its new twenty-year exclusive distribution agreement in the Caixa Econômica Federal (CEF) network, covering the consórcio product1.
This transaction was subject to review by the Brazilian Central Bank (BACEN), which issued its authorisation on 29 July 2021.
All conditions necessary for the start of operations of the new partnership have been met and the activities of the new joint venture will start shortly.
1 This product, which to some extent uses the principles of a savings plan and a tontine, allows participants in a group to obtain financing at a lower rate than the market rate by lending each other money for a given period of time.