Brazil's antitrustregulator Cade approved the joint venture between Itaú Unibanco Holding SA and MasterCard Inc., although conditions were set in place, Diário Comércio Indústria & Serviços reported.

One of the conditionsimposed is the creation of a new card brand that does not refer to Itaú Unibancoor Mastercard. The board for the partnership will also have to be changed to removethe potential of an Itaú veto, Cade said.

Meanwhile, theantitrust regulator approved a seven-year period for the JV, less than the 20 yearsrequested by the partners, after which it will reassess the operation to check ifthe alleged benefits have been established for consumers, the report said.

Cade's approvalis a notch kinder than its previous opinion of dismissing the joint venture due to competition concerns.