Brazil's antitrust chief overrules move against VisaNet

BRASILIA, Sept 16 (Reuters) - Brazil's antitrust regulator said on Wednesday it had overruled action by a government agency against Brazil's largest credit card processor VisaNet for alleged anti-competitive practices.

The Justice Ministry's Secretariat of Economic Defense in August had suspended a contract between Sao Paulo-based VisaNet VNET3.SA and Visa Inc (V.N) that it alleged gave the former exclusive rights to grant retailers access to its credit card payment system.

But the antitrust regulator Cade said on Wednesday that the probe against VisaNet that is being conducted by the secretariat will continue.

Shares in VisaNet rallied 6.6 percent to 16.90 reais. Elsewhere in the sector Redecard (RDCD3.SA), Brazil's second-largest credit card processing company, jumped 2.3 percent to 26.40 reais.

(Reporting by Ana Paula Paiva; Writing by Ana Nicolaci da Costa; Editing by Phil Berlowitz)