November 27, 2019 / 3:22 PM / 15 days ago

Brazil's antitrust watchdog rejects Itau Unibanco appeal on card processor case

SAO PAULO, Nov 27 (Reuters) - Brazilian antitrust watchdog Cade rejected on Wednesday Itau Unibanco Holding SA’s appeal on a case involving its payments processor Rede.

Cade determined that Itau cannot demand that merchants have checking accounts at the bank as a condition to pre-pay credit card payments. In April, Itau said it would pay merchants in two days with no interest rates, compared with the usual 30 days, in an unprecedented market move. (Reporting by Carolina Mandl Editing by Chizu Nomiyama )

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