Brazil's competition watchdog Cade on Dec. 19 approved Caixa Seguridade Participações SA's 7.00 billion reais joint venture with French insurer CNP Assurances SA, Valor Economico reported.

The tribunal concluded there would be no loss of competitors in the insurance market resulting from the partnership deal.

The French insurer will pay 7.00 billion Brazilian reais upfront to Caixa in exchange for a 40% stake in a 25-year joint venture, of which the state-owned bank will hold the other 60%.

As of Dec. 19, US$1 was equivalent to 4.06 Brazilian reais.