As Brazil-China Ties Strengthen, Banco do Brasil Launches First Branch in Shanghai
Published By : 05 Jun 2014 |Published By : QYRESEARCH
Ties between China and Brazil are strengthening, and this reflects in the number of business deals being signed by both countries. The latest on this front is financial sector major Banco do Brasil making its debut in the world’s second largest economy. The financial institution, which is the largest in Latin America and Brazil, launched its first branch in China in the city of Shanghai on May 30. This is being regarded as a move by Banco do Brasil to cash in on the intensifying economic ties between the two countries.
It was in 2004 that the Brazilian bank first made inroads into the Chinese market, when it chose Shanghai to start a representative office. But now, as the bank has moved towards full-fledged expansion, it is in a better position to engage in diverse business operations. Some of these will include: bank accounts and lending, financing, and exchange operations. These operations will be carried out with a special focus on Chinese banks and companies, as well as Brazilian companies that have a presence in China. Over the last decade, figures have shown a definite increase in trade between Brazil and China. In 2013 alone, trade between the two countries grew exponentially to touch USD 83 billion. This marks a healthy 10% growth over 2012 figures. In 2009, China became the largest export destination for Brazil and the following year, the world’s second largest economy was the key source of imports for Brazil, acting as the latter’s largest foreign direct investor.