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Banco XCMG S.A., First Overseas Bank of Chinese Manufacturing Industry, Now Opens in Brazil

2020-07-07 17:40 500

POUSO ALEGRE, Brazil, July 7, 2020 /PRNewswire/ -- Banco XCMG S.A., XCMG's (SHE:000425) first wholly-owned overseas bank, officially opened on July 1 in Pouso Alegre. It's the first overseas bank of the Chinese manufacturing industry and first China-Invested Enterprise Bank in Brazil.

Wang Yansong, VP of XCMG and chairman of XCMG Brazil, and Gu Shiying, President of Banco XCMG S.A., opened the bank together via an online inauguration ceremony.

Banco XCMG S.A. currently holds licenses for finance leasing, credit services and investment banking, providing services including working capital loans, consumer credit, financial leasing, inter-bank loan and investment.

The bank will serve as a shared financial platform for XCMG's Pouso Industrial Park in Brazil, a provincial-level overseas economic and trade zone of Jiangsu Province, and support the stable development and growth of construction machinery businesses in Brazil and South America through reducing currency mismatches in sales financing as well as risk prevention and control.

"The bank will allow companies in XCMG's Pouso Industrial Park to build competitive strengths in the industry and help them to achieve profit and reduce financial liability risks, attracting more companies to enter the park and offer support for healthy development," said Gu Shiying. "At the same time, the development of the industrial park will also further expand the business scope of Banco XCMG S.A. to providing services to the whole society."

Banco XCMG S.A. and local banks will actively complement each other, bringing fresh vitality to the existing banking system with its advantages and features and promoting the joint development of cooperative financial institutions with a focus on Brazil's infrastructure financing.

Joao Renno, Large Corporate Account Director of Safra Bank, noted that the bank will serve both Chinese and Brazilian companies and act as the bridge for future business cooperation, making greater contributions to promoting the economic and trade development of China and Brazil, as well as supporting the recovery and growth of Brazilian economy.

XCMG has served the Brazilian market since 2004 and invested US$500 million in 2012 to establish a wholly-owned subsidiary XCMG Brazil Manufacturing Co. Ltd. It currently holds the highest market share of graders, road roller and crane, the latter has now reached 90 percent.

For more information, please visit: www.xcmg.com, or XCMG pages on FacebookTwitterYouTubeLinkedIn and Instagram.

Source: XCMG
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