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Itaú Unibanco, MasterCard new payment network cleared in Brazil; conditions imposed

( May 11, 2016, 15:51 GMT | Official Statement) -- MLex Summary: Brazil's largest lender Itaú Unibanco and international payment services giant MasterCard today received antitrust clearance for their new electronic payment network in Brazil, subject to certain conditions imposed by the country's antitrust agency. The conditions include a prohibition from using Itaú’s and MasterCard’s brands in the joint venture and elimination of Itaú’s right to veto corporate decisions, as well as the obligation of nondiscrimination of payment acquirers that participate in the payment network and stipulation of a seven-year lifetime for the new company.CADE statement follows in Portuguese....

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