October 16, 2017 / 12:52 PM / a year ago

Unit of Brazil antitrust watchdog sees Itaú-XP deal as 'complex'

SAO PAULO, Oct 16 (Reuters) - A unit of Brazil's antitrust watchdog Cade said Itaú Unibanco Holding SA's purchase of a 49 percent stake in independent financial services firm XP Investimentos SA involves a series of complex aspects relating to competition that demand further analysis of the transaction.

In Monday's edition of the government gazette, Cade's general superintendency recommended the watchdog's board to demand additional documentation detailing how consumers could benefit from the deal. So far, the body sees some "horizontal overlapping" between Itaú and XP reaching local markets for securities brokerage, asset management and the distribution of financial products.

"In the light of the facts explained, the recommendation from the superintendency is that the act of concentration be declared complex," the gazette said. (Reporting by Guillermo Parra-Bernal)

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