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Bank of China branch in Brazil

By Yang Zhen (China Daily)
Updated: 2009-05-21 08:18

Bank of China (BOC), the world's third largest bank by market value, plans to open its first branch in Brazil in two-three months, the bank said in a written interview with China Daily, as the two countries are planning to use their own currencies in trade transactions.

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President Hu Jintao and his Brazilian counterpart Luiz Inacio Lula da Silva first discussed the idea of replacing the dollar with the yuan and the real as trade settlement currencies when they met at the G20 summit in London last month. Lula said the two nations would continue their talks on how they can conduct trade in the yuan and the real.

"Once the two countries' central banks reach an agreement, BOC is definitely willing to conduct trade settlement business under the agreed guidelines," the bank said.

As the first Chinese bank to open a branch overseas, BOC first set up a representative office in Brazil in the late 1990s. After obtaining approval from the China Banking Regulatory Commission, it submitted its application to open a branch to the Central Bank of Brazil in 2007. BOC's application was approved by Brazil's central bank at the end of 2008.

According to BOC, the bank has finished preparations for the establishment of its subsidiary in Brazil and is awaiting the final assessment by the country's central bank. Banking regulations in Brazil require all foreign banks to be assessed by the nation's central bank before opening a branch officially.

"China has surpassed the US to become the world's biggest market for products from Brazil. BOC is dedicated to provide all kinds of financial services to Chinese companies in Brazil as well as Brazilian firms who want to do business in China," said the bank.

BOC said official figures in Brazil indicated that trade between the two nations totaled $3.23 billion in April.

"Even if BOC is able to handle some trade settlements between China and Brazil in the future, the deals' impact on net profit is still limited," China Jianyin Investment Securities analyst Chen Shuixiang said.

By the end of 2008, BOC had set up some 800 branches in 29 countries and regions.