UPDATE 1-Western Union gets Brazil OK to operate commercial bank

* Nod also for operating foreign exchange brokerage firm

* Permits come into effect immediately

Sept 28 (Reuters) - Western Union Co (WU.N) said it got approval to operate a commercial bank and foreign exchange brokerage firm in Brazil, that allows it to offer transfer services directly to consumers in the country.

The approvals, that are effective immediately, also allow Western Union to introduce new financial services, including domestic money transfers, consumer bill payments and prepaid cards in Brazil, the world's largest payment transfer company said in a statement.

Englewood, Colorado- based Western Union currently provides international money-transfer service in Brazil through its agent network.

Shares of the company, which competes with MoneyGram International (MGI.N), have gained about 12 percent since the beginning of this month when Hikmet Ersek formally assumed the position of chief executive at the company.

Western Union shares were down 4 cents at $17.61 early morning Tuesday on the New York Stock Exchange. (Reporting by Brenton Cordeiro in Bangalore; Editing by Maju Samuel)