Latin America Financials: Citi’s Daily Statement – 2026.06.25– BZ Payments Framework; BBSE IoC; B3 CADE; Chilean Banks Update

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Latin America Financials: Citi’s Daily Statement – 2026.06.25– BZ Payments Framework; BBSE IoC; B3 CADE; Chilean Banks Update

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25 Jun 2026 08:15:37 ET │ 10 pages

Latin America Financials

Citi’s Daily Statement – 2026.06.25 – BZ Payments Framework; BBSE

IoC; B3 CADE; Chilean Banks Update

CITI’S TAKE

Daily report over key topics of LatAm financial companies under Citi’s

coverage.

Gustavo SchrodenACCard payments: when rules are unclear (NeoFeed, Jun 24)

Brazil’s card payments system is showing structural weaknesses, as failures of +55-11-4009-5858

intermediaries reveal unclear rules on how losses are shared, especially with gustavo.schroden@citi.com

receivables prepayment involving external investors. While regulation protects Arnon Shirazi, CFA

merchants, it leaves gray areas upstream, increasing legal uncertainty. Compared to +55-11-4009-7906

other markets, Brazil’s model carries higher risk, highlighting the need for clearer and arnon.shirazi@citi.com

more robust rules.

Brian Flores, CFA

+55-11-4009-2842

BB Seguridade announces R$3.85bn in Interest on Capital (company filing, June 24) luis.brian.flores@citi.com

B3 – Brasil Bolsa Balcão (B3SA3.SA) – CADE’s SG Recommends Conviction in CSD BR

Case; In Case of Conviction, Non-Material Impact Would be Expected

Citi’s Take: CADE’s Superintendência-Geral (SG – General Superintendence from

Brazil’s antitrust authority) has issued a recommendation to convict B3 for

anticompetitive conduct related to its treatment of rival CSD BR, marking a significant

escalation in the antitrust case opened in Aug-2025. The SG concluded that B3

abused its dominant position in the registration and central depository markets by

artificially raising barriers to CSD BR’s entry. Practices cited include bundling,