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Brazilian antitrust agency Cade has approved a partnership between Banco do Brasil (BB), Bradesco (NYSE: BBD) and Caixa Econômica Federal (CEF) to create a new credit card brand called Elo, local news agency Agência Estado reported.
Elo comprises credit, debit and prepaid cards.
Cade does not see the new card brand as being potentially harmful to competition in the local market. On the contrary, Cade is seeing it as something positive, the report said.