Brazil: Banks will join forces to analyze consumer data

Brazil’s Credit Bureau market, a set of companies that analyze and manage the credit data of consumers and companies, will have a new competitor starting from 2019, formed from the joint efforts of the country’s five leading banks: Bank Caixa Econômica Federal, Itaú Unibanco, Bradesco and Santander. The banks will jointly create a new Credit Intelligence Manager, with the corresponding applications already submitted to the country’s Securities and Exchange Commission (CVM).

The idea of ​​creating this company is not recent, having gone through several stages before being endorsed by the banks. Last November CADE, the competition authority, gave its tentative approval to the company, subject to compliance with a merger control agreement.

The banks are looking to snatch up a large percentage of a multi-million dollar market, currently concentrated in only 3 consumer analysis providers. The banks would seek to “create the conditions for a more solid and sustainable market.”
Full Content: Correio Braziliense

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