Grupo BTG Pactual SA is understood to be in advanced stage negotiations to sell its 51 % stake in Brazilian insurer Pan Seguros and expects to complete the sale by the end of 1Q16 . A number of firms are interested in acquiring the business due to lack of available targets in the region . First round bids in December valued the business at between 1 and 1.3 bn Brazilian reais ( $ 300 m ) , with AXA and MetLife submitting the highest offers according to one of the sources . Bidders , which are expected to be asked to submit binding bids in February , include Axa , MetLife , Zurich , Generali , CNP Assurances , Liberty , and some major Japanese insurers are said to be among firms bidding , according to sources familiar with the matter . BTG Pactual is selling assets to raise cash and shore up investor confidence following the arrest of its founder André Esteves in 2015 . Brazilian bank BTG Pactual has rushed to sell assets to raise cash and shore up investor confidence following the arrest of its founder André Esteves in November. The bank had no immediate comment on the reports of the sale .
Grupo BTG Pactual SA is understood to be in advanced stage negotiations to sell its 51 % stake in Brazilian insurer Pan Seguros and expects to complete the sale by the end of 1Q16 . A number of firms are interested in acquiring the business due to lack of available targets in the region . First round bids in December valued the business at between 1 and 1.3 bn Brazilian reais ( $ 300 m ) , with AXA and MetLife submitting the highest offers according to one of the sources . Bidders , which are expected to be asked to submit binding bids in February , include Axa , MetLife , Zurich , Generali , CNP Assurances , Liberty , and some major Japanese insurers are said to be among firms bidding , according to sources familiar with the matter . BTG Pactual is selling assets to raise cash and shore up investor confidence following the arrest of its founder André Esteves in 2015 . The bank had no immediate comment on the reports of the sale .