Cade approves purchase of SulAmérica capitalisation area by Icatu

The general Superintendence of the Administrative Council for Economic Defense (Cade) approved the acquisition of Sulacap's portfolio of capitalisation products by Icatu. Sulacap integrates the SulAmérica group and the sale to Icatu had been announced in May, for up to R $183 million. In analyzing the operation, the Superintendence of Cade pointed out that Icatu and SulAmérica do not act in the market for distribution of capitalization products, commercializing their products only through partnerships with third parties. With the approval of the business, Icatu will stay with 15.99% of the capitalization market in Brazil. The antitrust organ usually evaluates cases when participation exceeds 20%. "Additionally, it is worth noting that this sector has 17 companies authorized by the Superintendence of private insurance (SUSEP) to operate nationally in the capitalization market, counting among these players, such as Bradesco, BrasilCap and Itaú, capable of To rival the Icatu group in the provision of capitalization bonds. " "This operation does not raise concerns under the competitive approach in Brazil, and it can be approved," the Superintendence stressed.