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Brazil watchdog wants Bradesco to refrain from M&A to approve HSBC Brasil deal

Reuters - UK Focus

BRASILIA, June 8 (Reuters) - A board member of Brazil's antitrust watchdog Cade recommended to approve Banco Bradesco SA's purchase of HSBC Holdings Plc (HKSE: 0005.HK - news) 's local unit under certain conditions, including barring the country's No. 3 listed bank from buying rivals for at least 30 months.

Cade's seven-member board will vote on the recommendation by João Paulo de Resende, also the rapporteur of the Bradesco-HSBC Bank Brasil Banco Múltiplo SA deal, later on Wednesday. (Reporting by Leonardo Goy; Writing by Guillermo Parra-Bernal)