Bank of China (Brazil) Ltd., the first Chinese-funded financial institution authorized to conduct business in South America, has seized the opportunity to expedite its development. It has intensified its services in support of Chinese enterprises' "go global" efforts by providing working capital loans, letter of guarantees, settlement in cross-border trade, derivative products, account management, wealth management and other services to companies such as Huawei, ZTE, COSCO and China Shipping (Group) Company. It has also provided comprehensive financial consulting services to Chinese enterprises that engage in the business of setting-up factories, mergers and acquisitions, engineering projects and bidding to supply machinery in Brazil.
The recent years have witnessed a steady growth in the trade between China and Brazil. China became Brazil’s biggest trade partner in 2010, with the bilateral trade volume climbing to USD 60 billion. Basing in the city of Sao Paulo, Bank of China (Brazil) Ltd. has made its services available in other cities such as Rio de Janeiro and Brazilia. In 2010, it successfully injected the capital of USD 400 million and later provided services to a steel company from Wuhan for its equity acquisition project in Brazil. In the same year, it provided a capital injection amounting to USD 7 million as well as the subsequent account management services to a private car manufacturer from Anhui province.
The bank has turned its advantages into feasible service modes tailored to meet the practical needs of its customers such as Companhia Vale do Rio Doce (CVRD), Petrobras, and Brazilian Food, creating a more influential brand image of Bank of China in the Brazilian market.
Earlier this year, Bank of China (Brazil) Ltd. issued the letter of guarantee to Petrobras. As the only Chinese bank and the designated lead bank, it also led to raise a syndicated loan of USD 3 billion to CVRD.
|
