NEW YORK (TheStreet) -- Shares of Banco Bradesco S.A. (BBD) rose 5.17% to $12.62 in morning trading Wednesday after fellow Brazilian bank Itau Unibanco (ITUB) said Tuesday it would continue to sell insurance assets that are not strategically important to it, according to Reuters.
Itau CEO Roberto Setubal's remarks on Tuesday sent the stock higher on Wednesday morning.
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.BBD data by YCharts