Portugal: Caixa Geral de Depósitos, authorized to open bank in Brazil

3 March 2008

Brasilia, Brazil, 3 March – The Central Bank of Brazil Thursday authorized state Portuguese banking group Caixa Geral de Depósitos (CGD) to open a new bank, Banco Caixa Geral – Brasil, according to a statement on the central bank’s website.

The statement said that “the National Monetary Council approved (…) the proposal for a presidential decree authorizing the foreign capital in Banco Caixa Geral – Brasil S.A., of up to 100 percent.”

It added that after publication of the rpesidential decree, Banco Caixa Geral – Brasil would be authorized to use the foreign capital of the CGD group and the process of setting up Banco Caixa Geral, currently in teh assessment phase, would continue.

CGD’s project for Brazil aims to keep up with the business of Portuguese companies in the country, as well as Portuguese emigrants and their investments in Portugal.

The Bank of Brazil had already accepted, over a year ago, the designation of Banco Caixa Geral Brasil, proposed by CGD for its new bank in the country. (macauhub)