The Bank of Brazil (Banco do Brasil) is expected to open its first branch in Shanghai, China this year and perhaps before the end of June, and has already been granted the necessary authorisation, the bank said.
Brazil’s biggest bank will be the first Latin American bank to open a branch in China, where there are already 92 foreign banks operating, either with branches or representative offices.
Banco do Brasil has a representative office in Shanghai, which opened in October 2004, and is focused on making deals between foreign companies and banks and Brazilian companies viable.
According to the Brazilian Central Bank, Itaú BBA, of the Itaú Unibanco bank for institutional investments, also has a representative office in Shanghai. (macauhub)