One of BCC's aims for some time has been to begin operations in Brazil, to fill the niche that was known to exist for a bank working in BCC's market segment. Brazil is the biggest country in Latin America with a population of 135 million, total area of 8,511 million square kilometres, GDP of $213.32 billion (1987 est), exports of $25.79 billion and imports of $27,972 billion. This aim has now been realised, with the opening on July 15 this year of Banco de Credito e Comercio de Investimento SA under a licence granted by Brazil's Central Bank. By the end of its third year of operation in Brazil, BCC hopes to have branches in five major cities.
For BCC, Brazil presents both challenge and opportunity. The country's external market conditions are of course difficult, but BCC is not involved in Brazil's massive foreign debt and has no sovereign debt in Brazil. Internally, the market is large and sophisticated, and its needs are those of a country seeking to increase its foreign trade. BCC is confident that with the opening of Banco de Credito e Comercio de Investimento SA it will be able to make a significant contribution to the Brazilian economy.
Read the full issue here: BCC International - No. 39