Brazil: Caixa Geral de Depósitos group authorised to open bank in Brazil

29 May 2008

Brasilia, Brazil, 29 May – The Brazilian government has authorised the entry of Caixa Geral de Depósitos (CGD), Portugal’s largest bank, into the country’s financial market, under the name Banco Caixa Geral.

With the publication of a presidential decree Wednesday, Banco Caixa Geral – Brasil is authorised to use the foreign capital of CGD, the holding company, and setting up of Banco Caixa Geral will move ahead.

Banco Caixa Geral plans to operate in Brazil in the retail banking sector and, particulalry, in investment, corporate and private banking and in the transfer segment.

CGD currently has a representational office ion Sao Paulo, after having sold, in September 2005, its 12 percent stake in Unibanco.

CGD, as well as in Portugal, currently operates in Spain, Cape Verde, South Africa, Mozambique and Macau. (macauhub)