SAO PAULO (Reuters) - Brazil’s antitrust watchdog CADE opened an investigation into Banco Bradesco SA for anti-competitive practices against financial startup Guiabolso, according to a CADE statement on Tuesday.
The watchdog said Bradesco may be impeding its clients from connecting Guiabolso’s app to their checking accounts.
Bradesco denied in a statement any wrongdoing and said the issue with Guiabolso involved client data security and bank secrecy rules. Guiabolso declined to comment on the matter.
Reporting by Carolina Mandl; Editing by Sandra Maler and Tom Brown