Chinese bank to open offices in Brazil
A Chinese bank has revealed it intends to open more offices in fellow BRIC nations, including Brazil.
Guo Shuqing, chairman of the China Construction Bank, said the company intends to add ten more branches around the world in the next ten years, which may boost the availability of banking services to property in Brazil, reports Reuters.
After saying he "certainly" wanted to open offices in Brazil, Mr Guo said this is due to a reluctance to develop into other nations.
"I think that in the developed countries, the financial sector is overdeveloped, there is overbanking," he told the source.
However, the company says it will remain almost 100 per cent focused on China and people who want to do business there.
Last month Brazilian president Luiz Inacio da Silva visited China and the two countries agreed to boost ties.
Chinese president Hu Jintao and his Brazilian counterpart agreed it is of great importance to bolster the relationship between the two nations.
