Brazil: Bank of China authorised to start operating in Brazil

13 November 2008

Sao Paulo, Brazil, 13 Nov – The Bank of China has been granted permission to open in Brazil and is expected to start operating at the beginning of 2009, said China’s ambassador to Brazil, Chen Duqing, cited by news agency Estado.

On the sidelines of the event, “The financial crisis and its effects on Brazil and in China,” held at the Federation of Trade in the State of Sao Paulo, the ambassador said that the decree authorising the Bank of China to do business in Brazil was signed by President Luiz Inácio Lula da Silva last Friday.

Chen said that authorisation for the bank to operate in Brazil was requested in August 2007 and, due to a delay in getting that authorisation, the ambassador admitted he had encouraged the Bank of China to acquire Brazilian banks in order to expand its business into Brazil.

According to the president of the Brazil-China Chamber for Economic Development Sao Paulo (CBCDE), Paul Liu, the main objective of the Bank of China will be to provide credit to Chinese companies interested in operating in Brazil.

Another Chinese institution interested in increasing its business in Brazil is the Development bank of China, the ambassador said.

The bank already has a representative Office in Brazil, is funding two construction projects and is seeking opportunities for the construction of large infrastructures, such as ports, railways and energy. (macauhub)