Brazil’s Bradesco bank wants to open investment center in Lisbon

27 June 2007

Lisbon, Portugal, 27 June – Brazil’s Bradesco bank, the country’s largest private bank and partner of Portuguese group Espírito Santo, wants to set up a center in Lisbon for investment support for companies and providing financial services to Brazilian immigrants.

Lázaro Mello Brandão, chairman of the board of Bradesco Tuesday told Portuguese news agency Lusa that the project was currently in an “observation phase” and that he expected the center to be “more like a support point for operations involving companies and in which the bank can be involved.”

The center, similarly to others that the bank has in New York and Buenos Aires, will have the mission of “completing, making links with companies that have a relationship with Brazil,” and to position itself in the market of money transfers from Brazilian immigrants in Portugal.

It will not, however, move into the retail market, which it had announced it would back in 2005.

Bradesco and Banco Espírito Santo (BES) have a partnership that includes having stakes in each other of around 3 percent and Mello Brandão said he was open to increasing his stake in the Portuguese bank.

Mello Brandão was in Lisbon to take part in a campaign to promote the Brazilian statue of Christ the Redeemer as a Wonder of the World. (macauhub)