Brazil Property News: Brazilian bank looks to Dubai for investment opportunities




21st February 2008 11:45


The Bank of Brazil is looking to Dubai for new investment opportunities, according to new reports.

As part of a project that was originally announced in May 2005, the bank will open a representation office in Dubai in the United Arab Emirates, which should begin operating this March.

The executive responsible for the bank in Dubai, Renato Gerundio de Azevedo, is preparing for the new office's opening, reports Brazilian Arab news agency ANBA.

He told the news agency: "The city [Dubai] is very cosmopolitan, safe and prosperous.

"We want to bring investors in the Middle East closer to the Brazilian market."

The Bank of Brazil was established by Emperor John VI, of Portugal, in 1809 and is the oldest bank in Brazil.

It is currently one of the Latin America's largest companies and at the end of 2007 had a market value of $ 42.5 billion (£21.25 billion).

This valuation placed the bank in seventh place among the main Latin American companies.

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