August 16, 2017 / 2:09 PM / a year ago

Brazil approves Itaú Unibanco acquisition of Citigroup retail assets

BRASILIA, Aug 16 (Reuters) - Brazil’s antitrust authority Cade approved on Wednesday Itaú Unibanco Holding’s acquisition of Citigroup’s retail banking and insurance assets in the country, conditioned on a merger concentration agreement to be signed between the parties.

The agreement will forbid Itaú from acquiring other financial institutions for 30 months after its signing, the board of Cade said in a public session. (Reporting by Leonardo Goy; Writing by Ana Mano; Editing by Chizu Nomiyama)

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