U.S. Markets open in 6 hrs 58 mins

Brazil's Itaú Unibanco CEO Bracher cites regulatory challenges

SAO PAULO, Sept 12 (Reuters) - The chief executive officer of Itaú Unibanco Holding SA said on Wednesday that the bank faces a more challenging regulatory environment than in the past, particularly in areas where financial start-ups are doing business.

In a conference with investors, CEO Candido Bracher said fintechs are exposing banks' inefficiencies in areas such as credit cards by being able to charge lower rates and offer higher-quality services. As an example, Bracher cited some caps on card transactions that Brazil's central bank has imposed. (Reporting by Carolina Mandl Editing by Leslie Adler)