Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Companies

XCMG gets nod for fully-owned bank in Brazil

By Wang Ying in Shanghai | China Daily | Updated: 2020-01-08 09:28
Share
Share - WeChat
XCMG machinery for exports being loaded onto a cargo ship at Lianyungang port in Jiangsu province. [Photo by Wang Chun / For China Daily]

Chinese construction machinery maker Xuzhou Construction Machinery Group (XCMG) has got the necessary approvals to set up a fully-owned overseas bank in Brazil during the first quarter of this year, according to a top company official.

The move is part of XCMG's efforts to meet the diversified local demands and promote the development of network distribution in finance products and services, said XCMG Chairman Wang Min.

XCMG has become the first beneficiary of a new policy issued by the Brazilian government that allows foreign investment in the country's financial institutions.

According to the report by Xinhua News Agency on Tuesday, a branch or a representative office of Banco XCMG will be established in Brazil's biggest city Sao Paulo during the first quarter of this year.

"We believe that Banco XCMG, with the support of China and Brazil, will become a professional, highly efficient and pragmatic corporate bank, be a new financial platform serving Chinese and Brazilian enterprises, and a new contributor to the economic development and employment in Brazil," said Wang.

"The integration between manufacturing industry and finance will set a new model of overseas development (for Chinese companies)," said Yin Jingbo, an associate professor with Shanghai Jiao Tong University.

The development of manufacturing requires consistent capital, while the integration of industry and finance could create more value in supporting the industry, said Yin.

XCMG has already been present in Brazil for over eight years. The company has now realized the necessity of integrating industry with finance, and the bank is a breakthrough of Chinese assets in the South American financial services sector.

Nearly 95 percent of Brazilian's annual engineering machinery sales is materialized through bank loans, and a few of XCMG's competitors have their own banks for providing financing solutions to their clients, said XCMG's Wang.

Last October, the Central Bank of Brazil (Banco Central do Brasil) approved Banco XCMG to open in six months. It is not only the first overseas bank of the Chinese manufacturing industry, but also the first foreign participant bank to receive direct approval from the Central Bank of Brazil.

Banco XCMG will be able to operate in businesses like financing and leasing, capital loans, consumer credit, lending, as well investment, said Gu Shiying, head of Banco XCMG.

It will support XCMG's sales in the Brazilian market and offer financial products and services while supporting the development of XCMG's distribution network, Gu said.

"The bank will be able to further enhance XCMG's core competitiveness through product innovation, lower financial transaction costs and improve risk management. Being an industrial player, XCMG's thorough understanding of the industry will enable it to provide more tailor-made financial products and services," said Yin.

The approval of Banco XCMG by BCB will allow XCMG to explore a new, customer-centric sales model to further market expansion.

"Compared to conventional commercial banks, Banco XCMG is capable of providing suitable financial products for its end users and distributors with high service efficiency and low financing costs," said Wang Min.

XCMG has set the goal of becoming one of the top three companies in the industry by 2025. It has identified overseas markets and high-end development as key to its future. In the past three decades, XCMG's overseas revenue has risen from less than $10 million a year to more than $2.3 billion.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 拍拍拍无挡免费视频网站| 无限资源视频手机在线观看| 波多野结衣456| 欧美影院网站视频观看| 欧美bbbbxxxx| 欧美19综合中文字幕| 日韩欧美亚洲综合| 日日插人人插天天插| 日本口工h全彩漫画大全| 日韩欧国产精品一区综合无码| 巨大挺进她的花茎| 国产精品久久久久久久久久久不卡 | 五月丁六月停停| 久久久亚洲欧洲日产国码二区| 一个人看的在线免费视频| 亚洲自拍欧美综合| 综合激情区视频一区视频二区| 欧美高清性XXXXHDVIDEOSEX| 日本人亚洲人jjzzjjzz页码1| 大伊香蕉精品一区视频在线| 国产性生大片免费观看性| 伊人热热久久原色播放www| 二女一男女3p完整版在线观看| www性久久久com| 亚洲制服欧美自拍另类| 精品无码一区二区三区爱欲九九| 欧美亚洲国产日韩电影在线| 无码精品人妻一区二区三区漫画 | 成人福利视频导航| 国产步兵社区视频在线观看| 亚洲砖码砖专无区2023| 一区二区三区国产最好的精华液| 露脸国语对白视频| 欧美乱子伦videos| 女人18毛片水最多| 啊用力太猛了啊好深视频 | 欧美日韩亚洲高清不卡一区二区三区| 成人亚洲欧美日韩在线| 国产成人免费A在线视频| 亚洲国产精品日韩在线| 久久久久久中文字幕|