Bank of China plans to open branch in Sao Paulo

21 September 2007

Sao Paulo, Brazil, 21 Sept – The Bank of China has requested permission from the Brazilian regulatory authorities to start banking and brokerage operations in Brazil, according to a statement published in Valor Economico newspaper.

The bank, which is headquartered in Beijing, plans to open a branch in Sao Paulo under the name Banco da China Brasil, which will focus on corporate finance and foreign exchange.

The nominal capital of Banco da China Brasil will be US$60 million.

The authorization request presented by the Bank of China will be assessed by the Brazilian Central Bank as well as by the National Monetary Council. (macauhub)