BRASILIA Oct 10 Banco do Brasil,
Brazil's largest lender, agreed on Wednesday to end exclusivity
contracts that prohibited some of its clients from acquiring
payroll-deductible loans from other banks.
The deal was approved by Brazil's antitrust regulator CADE,
ending a 2010 case brought by civil servants who complained
about the exclusivity contracts imposed by Banco do Brasil.
"This ends the requirement by Banco do Brasil for
exclusivity in payroll-deductible (loan) contracts linked to
public institutions," said Marcos Paulo Verissimo, a member of
the CADE board.
The deal applies to the current and future
payroll-deductible contracts of civil servants.
As part of the deal, the bank will also pay 65 million reais
($31.87 million) to a fund administered by the justice ministry.
Shares of Banco do Brasil were down 0.61 percent at 1:15
p.m. local time (16:15 GMT) after starting the day in positive
($1 = 2.0399 Brazilian reals)
(Reporting By Leonardo Goy, Writing by Alonso Soto; Editing by