Sao Paulo, Brazil, 1 Dec – The Bank of China is due to open its first office in Brazil in March of 2009, according to newspaper China Daily.
Zhang Jianhua, director general of the bank, cited by the paper, said that the decision to start operating in Barzil had been taken last year and authorised by Brazilian president, Luiz Inácio Lula da Silva at the beginning of November.
The bank, which is headquartered in Beijing, plans to open a branch in Sao Paulo under the name Banco da China Brasil, which will focus on corporate finance and foreign exchange.
The nominal capital of Banco da China Brasil will be US$60 million.
The subsidiary in Brazil will be the bank’s first in Latin America. (macauhub)