Banco do Brasil (Bank of Brazil) on Friday, 30 May opened its first branch in China, in Shanghai, the bank said in a statement adding that it is the first branch of a Latin American bank to be authorised to operate in China.
The new branch of the bank, which has had a representative office in Shanghai since 2004, started operating with a Brazilian manager and 16 members of locally recruited staff and opened three years after it was initially announced.
“The decision to turn the office into a branch will make it possible to develop China-Brazil trade, increase Chinese investments in Brazil and, also, the presence of Brazilian companies in the Chinese market,” Banco do Brasil said in a statement.
In the statement, Banco do Brasil noted that there are over 70 Brazilian companies operating on some level in China and over 25 Chinese companies operating in Brazil, where three large Chinese banks already operate – Bank of China, Commercial and Industrial Bank of China and China Construction Bank.
Banco do Brasil is controlled by the Brazilian state, with a 58.5 percent stake, employee organisation Caixa de Previdência dos Funcionários do Banco do Brasil, with 10.4 percent and other national and foreign shareholders. 29 percent of the bank is listed on the stock exchange.
China is Brazil’s largest trading partner with total trade of US$83 billion in 2013. (macauhub/BR/CN)