The Industrial and Commercial Bank of China (ICBC), the world’s largest lender by market capitalisation, has been granted permission from Brazilian regulators to open a subsidiary in Brazil.
ICBC has expanded internationally in 2012 and opened new branches in Peru and Poland in November.
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The bank has also been approved to acquire an 80% stake in Standard Bank Argentina.
ICBC said: "The subsidiary will positively integrate itself into Brazil’s financial market, and play a bigger role in facilitating bilateral trade and investment between the two countries, on the basis of ICBC’s strong advantages in terms of clients, capital, network and technology."
Closer economic ties between China and Brazil provide enormous potential for financial business. What’s more, the upcoming 2014 World Cup and 2016 Olympic Games in Brazil will bring great business opportunities for our local subsidiary."
In December it was announced that state-owned Banco do Brasil, the largest bank in Brazil by assets, had received approval from China’s regulator to open a commercial branch in China.
Brazil’s central bank approved the license on Dec 19.
