Banco do Brasil Opens First Branch In Shanghai
News: On May 30, Banco do Brasil opened its first branch in Shanghai - the first branch of a Latin American bank to be authorised to operate in China. The new branch started operating with a Brazilian manager and 16 members of locally recruited staff. Banco do Brasil, which has had a representative office in Shanghai since 2004, opened its new branch three years after it was initially announced. The decision to turn the office into a branch will help boost trade between the two nations, grow Chinese investments in Brazil and the presence of Brazilian firms in the Chinese market, according to a statement by Banco do Brasil. China is Brazil's largest trading companion with USD83bn total trade in 2013 (Macauhub).