The insurance arm of lender Banco Bradesco would be taking full control of Brazil-based dental care services firm OdontoPrev. OdontoPrev announced said that the unit, Bradesco Saude, would hold a controlling stake in the firm after it had purchased a 6.5% stake from the dental company. The stake was sold by OdontoPrev's Chief Executive Officer Randal Luiz Zanetti.
OdontoPrev is already 43.5% owned by Bradesco. With the additional 6.5% purchase from Zanetti, Bradesco now had a 50.01% stake in the firm which gave it sole control of the dental care firm.
As part of the transaction, Zanetti would step down from his post. He would be replaced by Mauro Figueiredo who has been with the company for the past two years. Meanwhile, Zanetti would still be part of OdontoPrev as the Vice President of the Board. He would also join the board of Bradesco Seguros, the insurance unit of Bradesco Saude. In a filing, OdontoPrev said the changes would be implemented after regulatory approval has been obtained.
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