Brazil's government-controlled bank Banco do Brasil SA (BBAS3.BR) confirmed late Monday that it is studying partnerships with various insurance companies in order to restructure its existing operation.

The bank, however, did not unveil other details.

On Monday, local press reported that Banco do Brasil is evaluating partnerships with U.S. firm Principal Financial Group Inc.'s (PFG), Spain's Mapfre SA (MAP.MC) and local insurance company Sulamerica.

Banco do Brasil, which is Brazil's largest bank in terms of assets, hired UBS in order to study a model for the partnerships, according to the local press.

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