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Banco do Brasil seeks to open its branch in Moscow

The relevant permission of the Central Bank of Brazil has already been issued

Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

RIO DE JANEIRO, February 18 (Itar-Tass) – The largest Brazilian and Latin American bank in assets, Banco do Brasil, seeks to open its branch in Moscow, said Paulo Rogelio Caffarelli, senior vice-president for international operations.

He noted that the relevant permission of the Central Bank of Brazil has already been issued. Moreover, Russia’s relevant institutions should also give the green light. “This issue is now being resolved at an advanced stage.”

“If things go well, in the future Banco de Brasil may open its office in Russia. The project is aimed at promoting bilateral cooperation and providing services to Brazil’s businesses that more and more actively act beyond the Latin American country,” Caffareilli said. This, in particular, concerns such large companies as Brazilian aircraft maker Embraer, one of the world’s largest bus manufacturers Marco Polo, metallurgical company Tramontina and beef producer JBS SA.

Brazilian President Dilma Rousseff said during her visit to Russia last December despite problems in the global economy, the two countries’ trade is on the rise.

During the talks the two countries’ leaders stressed the need for taking the trade turnover to $10 million as a minimum.

Banco de Brasil takes leading positions on the national market of banking services. It employs over 110,000 and has 5,000 branches all over the country. As of August 2012 the bank’s total assets were estimated at over $500 billion.

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