The Bank of Brazil should receive this year the third and last authorisation needed to open a branch in China, in Shanghai, where it has operated a representative office since 2010, said the bank’s vice-chairman, Paulo Rogério Caffarelli.
Caffarelli, who is responsible for the bank’s wholesale and international business, as well as private banking, told the Estado agency that the Shanghai office of the China Banking Regulatory Commission inspected the bank’s office last August.
“When the submitted documents have been examined along with the Shanghai office report with the inspection results, the regulator’s head office in Beijing will be able to issue the licence that allows the branch to begin operating,” he added.
Once it obtains the required authorisation, Bank of Brazil will have about six months to convert its office into a bank branch. “We need to grow in China due to the amount of business Brazil is conducting in the country,” Caffarelli said.
Besides Bank of Brazil, Itaú BBA (responsible for wholesale business and institutional investments of Itaú Unibanco) is also present in Shanghai. Itaú Securities, a brokerage pertaining to the same group, has an agency in Hong Kong. (macauhub)