Banco do Brasil, the largest financial institution in Brazil and Latin America, opened in Shanghai its first branch in China on May 30, aiming to cash in on the strengthening China-Brasil economic ties.
The Brazilian bank first came to China in 2004 with a representative office in Shanghai. With the structure expansion, it will be able to engage in diverse businesses, including foreign exchange operations, bank accounts and lending and financing, aimed primarily at Chinese companies and banks and leading Brazilian companies in China.
Trade between China and Brazil has grown exponentially over the last decade and reached over $83 billion in 2013, an increase of 10 percent over the previous year.
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| Top 10 richest banks in the world | Top 10 trading partners of the Chinese mainland |
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