Brazil’s Itaú bank opens office in China

1 December 2005

Sao Paulo, Brazil, 01 Dec – Brazil’s Itaú bank officially opened its Shanghai office Thursday in a traditional Chinese ceremony for 120 guests, the bank said.

The office of Banco Itaú BBA, a subsidiary of Banco Itaú Holding Financeira, is the first in China and is intended to increase ties between the Brazilian and Chinese economies, said Fernão Baucher the bank’s chairman.

Baucher, the former chairman of Brazil’s central bank, said that Brazilian companies were interested in the Chinese market and also wanted to use China as an export platform for other countries in the region.

“The opening of a bank office in China is the result of the interest shown by Brazilian companies in starting or widening their activities in the Chinese market,” the chairman told the Brazilian press.

Currently, Itaú BBA has offices in Brazil, the Bahamas, Uruguay, Argentina and the United States.

Itaú BBA’s parent company is the second largest bank in Brazil by assets held, after Bradesco, with assets of US$66 million.

A Banco Itaú subsidiary, Itaúsa Portugal holds a 16% stake in Portuguese bank, Banco Português de Investimento (BPI). (macauhub)