29 December 2012

Industrial and Commercial Bank of China (ICBC) to set up branch in Brazil

- Trade between China & Brazil expected to reach $95 bn in 2012

28 December 2012 - Industrial and Commercial Bank of China Limited (ICBC) has received a banking license granted by the Central Bank of Brazil for a branch in Brazil. Earlier, China Banking Regulatory Commission has approved the Bank to set up its Brazil Branch.

The new Brazil Branch is well-positioned to integrate into Brazil's financial market, and plays a bigger role in facilitating bilateral trades and investments between China and Brazil, on the basis of ICBC's vast customer base, financial strength, extensive network and cutting-edge technology, said an executive with the Bank.

Brazil is the largest country in South America and a main member of five BRICS countries. China and Brazil are very complementary to each other in economy, especially recent years of fast growth of bilateral trades and investments between the two nations. Trade value of imports and exports between China and Brazil is expected to reach USD 95 billion in 2012. Growth of total China-Brazil trade volume was over 40% since 2009, according to the data from China Customs. Today, China is Brazil's largest trade partner, largest export and import destination country. Closer economic ties and investment cooperation between the two countries provide enormous potential for financial institutions. Further, it also brings to ICBC Brazil Branch as Brazil is ready to host the 2014 World Cup and 2016 Olympic Games in Rio de Janeiro.

ICBC has escalated its global footprint to cope with the globalization of customers and markets during the past few years. Today, ICBC boosts a global network of nearly 400 overseas branches with full licenses and excellent services spreading 39 countries/territories. This global service platform, together with a presence in Africa through holding a 20% stake in the Standard Bank of South Africa, covers all the major international financial centers and China's trading regions with well-defined hierarchy, reasonable positioning, diversified channels and efficient operation. 

Source: ICBC