April 22, 2019 / 9:33 PM / a month ago

Brazil's antitrust watchdog probing banks over competition hurdles to fintech

SAO PAULO, April 22 (Reuters) - Brazil’s antitrust watchdog Cade is investigating four banks in the country for allegedly creating competition hurdles to digital banking newcomer Nubank, the watchdog said in a statement on Monday.

Cade said Banco do Brasil SA, Caixa Economica Federal, Banco Santander Brasil SA and Banco Bradesco SA were denying requests to schedule automatic payments from Nubank clients that also were account holders at those banks. (Reporting by Tatiana Bautzer, Editing by Rosalba O’Brien)

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