Brazil: Bank of China in Brazil to be operational by July

6 May 2009

Sao Paulo, Brazil, 6 May – The Bank of China would begin activity in Brazil by July, and was currently looking into agreements with Brazilian banks for retail operations, the president of the Bank of China in Brazil, Zhang Jianhua has told macauhub.

A branch of the bank on Avenida Paulista, in the financial heart of Sao Paulo, will mainly provide credit lines for companies interested in bilateral trade.

“The Bank of China’s mission is to strengthen commercial ties between the two countries, so our target clientele are Brazilian countries wishing to export to China and Chinese companies wishing to export to Brazil,” explained Zhang.

According to Zhang Jianhua, the bank has Chinese and Brazilian companies from the steel, electronics, textile and automotive sectors among its clients.

With a masters degree in Banking and Finance and a 20 year career with the Bank of China, Zhang Jianhua was chosen to head operations in the first South American branch.

Despite its activity in Brazil being focused on corporate banking and trade, the Bank of China is looking into the possibility of entering retail via Brazilian banks.

Focusing on the Chinese community resident in Brazil, the Bank of China intends to introduce transfer services between the two countries.

“As we do not have a branch network, we are looking into cooperation agreements with Itau and Bradesco banks to operate in retail,” said Zhang.

The Bank of China’s plans in Brazil include the opening of offices in the country over the next three to four years and to break even by the second year of activity. (macauhub)