Brazil will be home to XCMG Brazil Bank, the first overseas bank in China’s manufacturing industry. The bank is wholly-owned by XCMG Construction Machinery Co., Ltd., which is China’s largest construction machinery manufacturing company.

On the 6th local time in Brazil, XCMG Brazil held a press conference in Sao Paulo, Brazil, to introduce the bank’s approval for construction.

XCMG Brazil Bank approved for press conference in Sao Paulo

XCMG Brazil Bank plans to start operations in the first quarter of this year. The project started in early 2017. In October 2019, it received a formal written approval from the Central Bank of Brazil and was approved to build a 100% foreign bank, XCMG Brazil Bank.

XCMG Brazil Bank approved for press conference in Sao Paulo
In his speech, Wang Min stated: XCMG will unswervingly support the operation and development of XCMG Brazil Bank. In addition to paying the capital on time, it will also increase capital in accordance with the requirements of the Brazilian Central Bank to ensure that the capital adequacy ratio meets the requirements and is committed To become a new financial platform serving Chinese and Pakistani enterprises, and make new contributions to the promotion of local economic development and employment in Brazil.

He pointed out that XCMG would be committed to “attracting funds in the construction and infrastructure sectors” and “improving the local presence of Chinese capital enterprises” while not neglecting cooperation with Brazilian banks.

Wang Min emphasized that under the goal of “common development”, both China and Brazil hold an “open and cooperative” attitude.

XCMG Brazil Bank approved for press conference in Sao Paulo
XCMG produces heavy machinery such as excavators, cranes, and rigs. It started operations in the Brazilian market in 2004 and opened a branch in 2012 in Posuagre, Minas Gerais, in the southeast of Brazil.

XCMG Brazil Bank approved for press conference in Sao Paulo
Rep. Fausto Pinato and Eval Dimelu of the Federal Republic of Brazil, Gu Shiying, President of XCMG Brazil Bank, Roberto Carlos Pontes, Vice President, and Chinese, Pakistani companies, banks and media Nearly a hundred people, including representatives, attended the press conference.

Pontes said: Given the economic recovery cycle in Brazil, the settlement of XCMG Brazil Bank has generated “very positive expectations”. He pointed out that the bank’s top priority is to consolidate its strength in Brazil so that it can expand its business throughout the region in the future.

Both Pinato and Dimelu commented that the preparation of XCMG Brazil Bank was a “creative” and a great opportunity to promote the integration of China and Brazil.

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