Brazil will become China's first overseas bank in manufacturing. & ndash; The location of XCMG Brazil bank. The bank is wholly owned by xugong group construction machinery co., China's largest manufacturer of construction machinery.

Xugong bank of Brazil (XCMG) held a press conference in Sao Paulo, Brazil, Thursday to introduce the bank's approval.

Xugong Brazil bank plans to start operations in the first quarter of this year. The project began in early 2017 and received formal written approval from the Brazilian central bank in October 2019 to set up a 100% foreign bank. & ndash; Xugong bank of Brazil.

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wang min expressed

Xugong will unswervingly support xugong Brazil bank's operation and development, in addition to timely pay equity, will also be in accordance with the requirements of the Brazilian central bank capital increase in succession, ensure the capital adequacy ratio meet the requirements, and is committed to become the new financial platform for services between China and Pakistan enterprises, to promote the Brazil new contributions to local economic development and employment.

He pointed out that XCMG will be committed to. Attract capital from the construction and infrastructure sectors. And & other; Improve the local presence of Chinese capital enterprises. And will not neglect to work with Brazilian Banks.

Wang min stressed that in the ldquo; Common development ” Both China and Brazil are embracing the goal. Openness and cooperation ” Attitude.

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XCMG, which makes heavy machinery such as excavators, cranes and drills, began operations in the Brazilian market in 2004 and opened a branch in bossu-aregri in the southeastern state of minas gerais in 2012.

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Brazilian congresswoman forstall · Pinato and ewald · Di melu, gu shiying, President of xugong bank of Brazil, roberto ·, vice President; Carlos & middot; Pontes and nearly 100 people including representatives of Chinese and Brazilian companies, Banks and media attended the event.

pontes =

In view of Brazil's economic recovery cycle, the establishment of xugong bank of Brazil has generated. Very positive expectations ” . He said the bank's priority was to consolidate in Brazil so that it could expand across the region in the future.

Messrs. pinato and dimelu both described the XCMG Brazil bank as a project. Innovation & throughout; Is an opportunity to promote economic integration between China and Brazil.

CCTV2 "on business and economics"

news source: xinhua news agency video source: CCTV

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