Bank of China in search of major clients in Brazil

28 June 2010

Sao Paulo, Brazil, 28 Jun – The Bank of China in Brazil aims to reach the end of the year with 50 major companies in its client portfolio, the bank’s director Zhang Jianhua has stated.

Zhang made his comments last Wednesday in Sao Paulo, during a meeting held at the Sao Paulo Commerce Federation (Fecomercio-SP) together with the Brazil-China Chamber of Economic Development (CBCDE), adding that the institution he heads currently counts 20 Chinese and Brazilian companies in its portfolio.

The Bank of China in Brazil has been operating since 2009 and began moderately in order to familiarise itself with the Brazilian market and legislation. Zhang said the bank would increase its pace of activity in the second half of this year, acting mainly in the import-export area.

From late this year through 2011 Zhang Jianhua aims for the Bank of China in Brazil to begin granting financing and to enter the market for derivatives and syndicated loans.

“We are considering financing for Chinese companies that want to buy land to plant tobacco and soy, products which China imports annually in large quantities,” he said.

The Bank of China’s office in Sao Paulo is for the time being the institution’s only one in South America.

From 1949 to 1985 the bank was in charge of all Chinese external trade. It has more than 10,000 branches in China and 600 offices around the world, with assets of more than US$1 trillion. (macauhub)