Sao Paulo, Brazil, 3 Oct – The Bank of China, which is headquartered in Beijing, was Tuesday authorised to start operating in Brazil, with initial capital of US$60 million.

This will be the first Chinese bank to be given permission to operate in Brazil and South America, the Brazilian authorities said.

The bank, which will have its headquarters in Sao Paulo, will operate under the name Banco da China Brasil, and will support international trade between the two countries.

The Chinese state bank, which operates in 26 other countries, was authorised to work in Brazil as a multiple bank, with a trade, investment and foreign exchange portfolio. (macauhub)