The Bank of Brazil received authorisation Tuesday to transform its representative office in Shanghai into a bank branch, the bank’s vice president for International Business and Private Banking, Paulo Rogério Caffarelli said in Sao Paulo.
At a meeting at the Sao Paulo stock exchange, BM&FBovespa to celebrate the listing of units of the BB Progressivo II Real Estate Investment Fund, Caffarelli also said that the market regulator in China still had to provide two further authorisations, which was expected to happen in 2013.
“Our aim is to work on the commercial relationship between Brazil and China, by serving Brazilian companies operating in the country and Chinese companies that work in Brazil,” he said, cited by the Brazilian press.
The Bank of Brazil has been in China for two years through its representative office in Shanghai, which has a staff of six people. A further 20 people are due to be hired locally in order to respond to increased business. (macauhub)