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Report: Nubank seeks Cade's help with credit card competition in Brazil

Brazilian credit card financial technology Nubank has asked competition watchdog Cade to investigate five of the country's banks, Valor Econômico reported March 22, citing a statement from the company.

Nubank is accusing Itaú Unibanco Holding SA, Banco Bradesco SA, Banco Santander (Brasil) SA, Caixa Econômica Federal and Banco do Brasil SA of harming competition in the card-issuing market. One allegation is that the five banks do not allow account holders to use Nubank cards for automatic debit transactions, unlike other consumer accounts.

Also, Nubank says the banks are not immediately making available statements that should be seen on the same day of transactions, as well as statements on the settlement of bank services. Moreover, the banks are reportedly restricting access to information such as the identification of senders of deposits and payments; as of now, Nubank spends three days to recognize payment invoices.

In a statement, Nubank said the financial system is concentrated among only a few institutions, and there is a conflict of interest.

Brazilian President Michel Temer had authorized Nubank to operate as a local financial entity earlier in the year.