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“The subsidiary will positively integrate itself into Brazil’s financial market, and play a bigger role in facilitating bilateral trade and investment between the two countries, on the basis of ICBC’s strong advantages in terms of clients, capital, network and technology,” the lender said in a statement.
Brazil’s central bank approved the license on December 19.
China is Brazil’s largest trade partner, with an expected trade value of imports and exports reaching $95 billion dollars by the end of 2012. According to data from Chinese customs, bilateral trade has grown by more than 40 per cent since 2009.
“Closer economic ties between China and Brazil provide enormous potential for financial business. What’s more, the upcoming 2014 World Cup and 2016 Olympic Games in Brazil will bring great business opportunities for our local subsidiary,” ICBC said.