Banco Santander (Brasil) SA said it has set up a new insurance company joint venture called Santander Auto SA, which will underwrite, offer and commercialize auto insurance policies through a digital platform.

Santander Brasil unit Sancap Investimentos e Participações SA holds a 50% stake in the joint venture, while HDI Seguros SA owns the remaining 50%. Competition watchdog Cade approved the partnership in March.

However, the launch of Santander Auto's operations is still subject to final approval from private insurance regulator SUSEP, the bank said.