Industrial & Commercial Bank of China (ICBC) is planning to start a branch in Brazil, Bloomberg reports. ICBC will open a full-service bank, ICBC do Brasil Banco Multiplo, in Sao Paulo. The Brazil branch will have an initial capital of $100 million. ICBC is seeking approval from the country’s central bank, Banco Central do Brasil, to become the second Chinese lender to establish operations in the country after Bank of China.
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