Law360, New York (February 1, 2016, 10:04 PM EST) -- Brazil's antitrust regulator intends to take a closer look at HSBC Holdings PLC's proposed $5.2 billion sale of its banking business in the South American country to Banco Bradesco SA, according to a notice posted Monday in a government publication.The Administrative Council for Economic Defense, known as CADE under its Portuguese initials, asked its economic studies department to draft a study on the proposal's competitive impacts and to ask the entities about the economic efficiencies the deal could create, according to the posting in Diario Oficial da Uniao.CADE also seeks that the two banks provide the watchdog with information... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
HSBC's $5.2bn sale of its Cade unit to Banco Bradesco is to be probed deeper by the Cade's antitrust regulator, Brazil, which is investigating the effects the deal will have on competition in the banking industry. Bradesco's agreement to buy HSBC's Cade unit was its largest acquisition ever, adding 850 branches and $45bn in assets after it lost market share to federally controlled Banco do Brasil and Caixa Economica Federal.