Brazil's government-controlled bank Banco do Brasil SA (BBAS3.BR) is studying partnerships with various insurance companies in order to restructure its existing operations, local newspaper O Estado de S. Paulo reported in its Monday edition.

According to an unnamed source, the bank hired UBS in order to study a model for the partnerships.

Banco do Brasil, which is Brazil's largest bank in terms of assets, is evaluating partnerships with U.S. firm Principal Financial Group Inc.'s (PFG), Spain's Mapfre SA (MAP.MC) and local insurance company Sulamerica.

Officials at the bank were not immediately available for comment.

The newspaper did not offer further details of the potential partnerships.

Currently, the bank's pension and insurance division represents 14% of its revenues.

-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-2847-4521; rogerio.jelmayer@dowjones.com