China: Bank of China wants to expand to Brazil

8 November 2007

Beijing, China, 8 Nov – The Bank of China, one of the four largest banks in the country, has requested authorization from the Brazilian Central Bank to operate in Brazil, the official Chinese press reported Wednesday.

According to state news agency New China, the Chinese bank’s intention is to focus on investment portfolios, loans to companies and monetary exchange.

The headquarters of the Bank of China in Beijing declined to give details of the operation.

“We know of no investment in Brazil or of any announcement of new investments,” an official spokesperson from the bank told Portuguese news agency Lusa.

According to New China, the initial capital of the bank in Brazil will be US$60 million and the institution, which will be called Banco da China Brasil, will be based in Sao Paulo.

The Bank of China, which is controlled by the Chinese government, has over 10,000 branches in China, and 600 offices and branches in a further 27 countries. (macauhub)