A PYMNTS Company

Brazil: BTG seeks probe of XP for antitrust violations

By  |  January 23, 2019

Brazilian investment bank Banco BTG Pactual SA filed a complaint with the country’s antitrust watchdog, Cade, accusing rival securities company XP Investimentos of anticompetitive practices and asking for an investigation, according to documents seen by Reuters.

In the complaint, filed on Tuesday, BTG said XP is not complying with an agreement it signed with Cade last year as a condition of the sale of a 30 percent stake in itself to Brazil’s largest private lender, Itaú Unibanco Holding.

XP agreed in March 2018 “not to hinder potential migration of independent brokers associated with XP to other institutions.”  However, XP filed lawsuits against BTG last month, seeking to bar BTG from luring independent brokers associated with XP to operate on BTG’s new digital platform.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.