XCMG Bank Brazil a step nearer to opening its doors

The Brazilian banking regulator has given Xuzhou Construction Machinery Group Co. Ltd (XCMG) of China a licence to open a bank in Brazil, XCMG says.

The Chinese maker of construction equipment says in a written statement that its plans for XCMG Bank Brazil passed a series of reviews by the Brazilian central bank, which were unprecedentedly done online because of to the Covid-19 pandemic.

XCMG says representatives of the future bank confirmed in telephone and video conferences with representatives of the regulator that its senior managers were properly qualified.

The company expects the bank to open soon, making it the first manufacturer in China to run a bank abroad, the XCMG statement says.