Portugal’s Banco Comercial Português to open a bank in Brazil

8 September 2011

Lisbon, Portugal, 8 Sept – Portugal’s largest private bank, Banco Comercial Português (BCP) has signed a partnership agreement with Banco Privado Atlântico “to set up a bank in Brazil, to be launched after the necessary licences and authorisations have been obtained,” the bank said in a statement issued Wednesday.

In the statement filed with Portuguese stock market regulator, CMVM, BCP said that the partnership agreement was part of the bank’s strategy to “focus on markets with affinities and with access to the Brazilian market, specifically in the areas of corporate and trade finance, via partnerships.”

The new venture is the result of a change in BCP’s strategy which, amongst other steps, includes the sale of its subsidiaries in Poland and other European countries in order to focus on Brazil and other emerging markets. (macauhub)