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Bank of Brazil opens Shanghai branch
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THE Shanghai branch of Bank of Brazil officially opened today to assist Chinese companies that want to invest in Latin America and provide financial services to Brazilian enterprises in China.
Brazil’s biggest bank is the first Latin American bank with a branch on China’s mainland. It started operating a representative office in Shanghai in 2004.
Bilateral trade between China and Brazil rose 10 percent from a year earlier to US$83 billion yuan in 2013. Brazil exported US$46 billion in goods to China last year, while China was the largest supplier of imports for the country.
The bank said it now offers services like foreign exchange, bank accounts, and lending and financing to serve companies in both countries.
Ivan de Souza Monteiro, chief financial officer of the bank, said the new branch will help channel Chinese investment to Brazil. A number of large Chinese corporations like Sinopec are already operating in the country. Foreign investment is in great demand in Brazil’s infrastructure and energy sectors.
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