On 19 November, the Office of the Superintendent General at the Administrative Council for Economic Defense (SG) cleared the increase of Bradesco and Banco do Brasil’s stake in Cielo.

After the transaction, Bradesco and Banco do Brasil which had 61% of the voting stock of Cielo, now have 100% of the company’s stock, except for the treasury stock.

The SG concluded that the Brazilian banks Bradesco, Banco do Brasil, and the Brazilian payment company Cielo are part of the same relevant market, as they are issuers of payment instruments (credit, debit, and prepaid cards). The analysis showed that the transaction raises no competitive risk in the affected markets, since Bradesco and Banco do Brasil already controlled Cielo and the market share of the companies are within the limit established by the Brazilian legislation. Thus, the SG concluded that the transaction does not raise any competition concerns and cleared it without conditions.

The decision of the Office of the Superintendent General of CADE is regarded final and the deal fully approved if the authority's Tribunal does not request the case for adjudication or a third party does not appeal to the ruling within 15 days of its announcement.