ICBC Plans to Open Branch in Brazil After U.S. Bank Takeover
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Industrial & Commercial Bank of China Ltd., the world’s biggest lender by market value, plans to open a bank in Brazil, extending its reach to Latin America’s largest economy after expanding in Europe and the U.S.
ICBC intends to set up a full-service bank, ICBC do Brasil Banco Multiplo SA, in Sao Paulo with initial capital of $100 million, Brazil’s central bank said in a statement. ICBC, based in Beijing, is seeking Banco Central do Brasil’s approval to become the second Chinese lender to establish operations after Bank of China Ltd. received authorization to open a branch in Brazil in February 2009.