April 30, 2019 / 9:35 PM / 4 months ago

Brazil's antitrust watchdog investigates Banco Bradesco

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

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