August 16, 2017 / 2:51 PM / a year ago

UPDATE 1-Brazil approves Itaú Unibanco's acquisition of Citigroup retail banking assets

(Adds context, other Itaú Unibanco deal)

BRASILIA, Aug 16 (Reuters) - Brazil’s antitrust authority Cade said on Wednesday that it approved Itaú Unibanco Holding’s acquisition of Citigroup’s retail banking and insurance assets in the country.

It said it cleared the deal on the condition that Cade and Itau Unibanco would sign an agreement limiting mergers.

The accord would forbid Itaú from acquiring other financial institutions for 30 months after its signing, the board of Cade said in a public session.

In a statement, Cade said that the 30-month ban does not apply to Itau’s planned purchase of a stake in brokerage XP Investimentos SA, which is already under analysis by the antitrust watchdog.

In May, Itaú agreed to buy a 49.9 percent stake in XP Investimentos for $2 billion.

The Citigroup Brazilian retail banking assets were acquired last October for $220 million. (Reporting by Leonardo Goy; Writing by Ana Mano; Editing by Chizu Nomiyama and W Simon)

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