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By Haruna Kobayashi, for ExpatBriefing.com
19 September, 2014
Bank of China (BOC) has confirmed the launch of a branch in Brazil's second largest city, Rio de Janeiro, which will target Chinese enterprises conducting business in or with Brazil and local and overseas Chinese expats in Rio.
Zhang Dongxiang, President of Bank of China (Brazil) Limited pointed out that Rio is the second biggest city of Brazil, a world-renowned tourist destination, and the most dynamic region in the country, accounting for 12 percent of Brazil's gross domestic product. Upon its establishment, the branch will actively support and serve Chinese enterprises "going global," he said.
BOC's Rio Branch is located on Avenida Presidente Vargas in the center of the city. It is to offer: deposits, loans, currency exchange, remittance, and trade settlement, among other services.
BOC set up its representative office in Brazil in 1998, and formally established Bank of China (Brazil) Limited in Sao Paulo in 2009. It is the first Chinese financial institution in South America and provides all-round services including corporate lending, trade finance, international settlement, and personal banking.
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