NEW YORK (TheStreet) -- Itau Unibanco ITUB was gaining 0.2% to $14.30 Monday after selling its insurance unit to ACE.
The Brazilian bank expects a pretax earnings boost of 1.1 billion reais, about $497 million, from the sale. ACE will pay a total of 1.515 reais for the insurance unit. The deal is expected to close in the first quarter of 2015.
The unit specializes in selling insurance to high-risk businesses such as oil and gas and infrastructure companies, according to Reuters.
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