LatinNews Daily - 07 January 2020

In brief: China’s XCMG to open its first bank in Brazil

* The Chinese heavy machinery manufacturer XCMG will open its first bank in Brazil, the group’s chairman Wang Min has confirmed during an event in São Paulo. The bank’s objective will be to support XCMG’s business in Brazil and South America, as well as that of companies with Chinese capital. XCMG received formal permission from Brazil’s central bank (BCB) in October 2019 for the establishment of Banco XCMG SA, a 100% foreign-owned bank and China’s first overseas bank for the manufacturing industry. The bank, which is due to be set up by the end of the first quarter of 2020, will reportedly have an initial capital of R$100m (US$24.6m).