November 9, 2016 / 4:40 PM / 3 years ago

Brazil approves banks' plan to create credit bureau with restrictions

SAO PAULO, Nov 9 (Reuters) - Brazil’s antitrust watchdog Cade has approved a plan by the nation’s five biggest commercial banks to set up a credit research company to gather information on borrowers’ bill-paying history, conditional to a series of requirements.

In a statement, Brasilia-based Cade said the approval of the initiative to create a so-called credit bureau known as GIC hinges on lenders agreeing to avoid concentrating too much power in the hands of GIC. There is risk that the banks benefit from access to information to their base of clients or impose market barriers on competitors, the statement said.

Reporting by Guillermo Parra-Bernal; Editing by Chris Reese

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