Itau Unibanco (ITUB) Stock Rises Today After CEO Announces More Insurance Asset Sales

NEW YORK (TheStreet) -- Shares of Brazilian bank Itau Unibanco  (ITUB) rose 5.19% to $12.57 in morning trading Wednesday after CEO Roberto Setubal said Tuesday the bank would continue to sell insurance assets that are not strategically important to it, according to Reuters.

Brazil's most profitable bank intends to focus on insurance operations in low-risk areas, Setubal told shareholders at an event in Sao Paulo. He added the bank will direct its energies toward cost and expense controls in 2015, as revenue outlook in lending and financial services remains difficult.

Setubal did not say which of Itau's insurance business segments could go up for sale. The bank sold one unit that handles high-risk corporate insurance business to ACE Ltd. for approximately $680 million in July.

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ITUB Chart ITUB data by YCharts

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