24 de enero de 2020
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Brazil will be home of first Chinese industrial bank in the world

Sao Paulo, Jan 6 (efe-epa).- Brazil will be the home of the first Chinese industrial bank in the world, Banco XCMG, a unit of XCMG, the largest heavy construction machinery manufacturer in China, the Chinese state-owned company said Monday.

 Brazilian President Jair Bolsonaro (R) welcomes his Chinese counterpart, Xi Jinping, during the BRICS Summit on Nov. 14, 2019, in Brasilia, Brazil. EPA-EFE FILE/Joedson Alves

Brazilian President Jair Bolsonaro (R) welcomes his Chinese counterpart, Xi Jinping, during the BRICS Summit on Nov. 14, 2019, in Brasilia, Brazil. EPA-EFE FILE/Joedson Alves

Sao Paulo, Jan 6 (efe-epa).- Brazil will be the home of the first Chinese industrial bank in the world, Banco XCMG, a unit of XCMG, the largest heavy construction machinery manufacturer in China, the Chinese state-owned company said Monday.

Xuzhou Construction Machinery Group (XCMG) chairman and president Wang Min made the announcement during an event at a hotel in Sao Paulo, Brazil's largest city.

Banco XCMG, which expects to open its doors in the first quarter of this year, received approval from the Brazilian Central Bank in October 2019, marking the first time that bank regulators in the South American country had allowed a financial institution 100 percent owned by a Chinese industrial company to operate.

The main mission of the bank, which will have initial capital of 100 million reais (about $25 million), is to support XCMG's business in Brazil, as well as to provide financial services to Chinese industrial companies operating in Latin America.

Banco XCMG will work to "attract funds in the areas of construction and infrastructure" and "improve the local presence of companies with Chinese capital," without losing sight of its "cooperation with Brazilian banks," Wang said.

The Chinese executive praised the attitude of "openness and cooperation" between the governments of China and Brazil in pursuing the goal of "common development."

Wang said that unlike other "world renowned" heavy construction machinery manufacturers that halted production in Brazil when the South American country's economy experienced a "sharp loss in value," XCMG "always had confidence in the future of economic investment" in the region's largest economy and instead of pulling out, "decided to invest more capital," Wang said.

Xuzhou Construction Machinery Group, founded in 1943, is currently the largest conglomerate operating in China's construction machinery industry and is ranked No. 5 in the world in the sector, exporting equipment to more than 183 countries.

XCMG, which manufactures excavators, cranes and drilling rigs, entered the Brazilian market in 2004, but it did not open its first factory in the South American country until 2014, when the plant in Pouso Alegre, a city in the southeastern state of Minas Gerais.

The factory in Pouso Alegre was XCMG's first outside China.

Banco XCMG's head is Gu Shi Ying and the financial institution's vice president is Roberto Carlos Pontes, both of whom were at the event in Sao Paulo along with several other executives.

Pontes said he had "very positive expectations" about the current direction of the business cycle in Brazil, adding that the bank would first focus on "consolidating" its position in Brazil so it could "expand" across South America and work with local businesses at some point in the future.

Several officials, including the Chinese consul in Brazil, Chen Pei Jie, and two federal congressmen, Fausto Ruy Pinato and Evair de Melo, also attended the event.

The two Brazilian lawmakers said Banco XCMG's creation was a "great advance" and represented an opportunity to "integrate the economies" of China and Brazil. EFE

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