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Cade approves Santander Brasil-HDI Seguros JV

Brazil's competition regulator Cade has approved, without restrictions, the formation of a joint venture between Banco Santander (Brasil) SA and HDI Seguros SA to create a new digital car insurance company called Santander Auto, Reuters reported.

According to Cade, the deal does not raise concerns for competition in Brazil. It also has no overlap, as HDI Seguros only operates in the national motor insurance market and its share does not hit 20%.

"From this analysis, it is clear, therefore, the impossibility of closing the insurance market or insurance brokerage as a result of this operation," the regulator said.

Santander Auto will underwrite, offer and commercialize auto insurance policies through a fully digital platform.

Sancap Investimentos e Participações SA, a unit of Santander Brasil, will hold a 50% stake in Santander Auto, while HDI Seguros will hold the remaining 50%, the Brazilian bank previously said.