Bank of China to expand Brazilian operations

3 July 2012

Plans have been announced by the Bank of China (BOC) that will see the lender expand its operations in Brazil.

Since, 1998, the institution has had some presence in the country, but this is set to be massively augmented.

It is hoping to take advantage of the expanding trade channels between China and the South America nation and comes after a recent currency swap agreement between the two central banks, China Daily reports.

Yue Yi, vice-president of the BOC, stated: "Lifting of the China-Brazil ties into a strategic cooperative partnership means great potential for bilateral cooperation."

The expansion is set to act as a base for the BOC's planned growth strategy in Argentina, Peru and Chile.

Li Jinzhang, the Chinese ambassador to Brazil, said it is good to see so much financial cooperation between the two economies and pointed to the link-up between stock exchanges in Shanghai, Shenzhen and Sao Paulo

Posted by Tony Aynsley

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