Standard Chartered gets investment go-ahead
(26 April 2010 – Global) Standard Chartered has announced that the Brazilian Central Bank has given Standard Chartered Brazil final authorisation for the bank to begin investment banking operations from its branch in Sao Paulo expanding on its already major international presence.
Brazil is of growing importance to the Bank due to its vibrant economy and its increasing economic ties with the Bank’s core markets in Asia, Africa and the Middle East.
The licence will allow the international bank to strengthen support for both its clients in Brazil and those clients based in its footprint markets which are trading and/or investing between Brazil and those markets.
Airton Villafranca, CEO Brazil, said that with Standard Chartered’s extensive international footprint, expanding the bank’s ability to serve clients in Brazil doing business with its core markets was a natural step.
The Brazil investment banking licence allows Standard Chartered to offer on-shore presence in the local FX and interest rate markets, BRL denominated products on-shore at the local exchanges, OTC derivatives and cash instruments to local clients; and Local capital markets origination and underwriting.
Over the next few weeks the Bank will register with municipal, state and tax authorities and conclude operations testing.
Headquartered in London and present in more than 70 countries, Standard Chartered will continue to offer International Cash Management, Trade Services, Project and Export Finance, Syndicated deals, Securitisation as well as Foreign Exchange and Derivatives of Rates and FX services in Brazil.
Standard Chartered has maintained a continuous presence in Brazil as a representative office for over 35 years and maintains one of the largest representative offices in the country.
The licence will allow the international bank to strengthen support for both its clients in Brazil and those clients based in its footprint markets which are trading and/or investing between Brazil and those markets.
Airton Villafranca, CEO Brazil, said that with Standard Chartered’s extensive international footprint, expanding the bank’s ability to serve clients in Brazil doing business with its core markets was a natural step.
The Brazil investment banking licence allows Standard Chartered to offer on-shore presence in the local FX and interest rate markets, BRL denominated products on-shore at the local exchanges, OTC derivatives and cash instruments to local clients; and Local capital markets origination and underwriting.
Over the next few weeks the Bank will register with municipal, state and tax authorities and conclude operations testing.
Headquartered in London and present in more than 70 countries, Standard Chartered will continue to offer International Cash Management, Trade Services, Project and Export Finance, Syndicated deals, Securitisation as well as Foreign Exchange and Derivatives of Rates and FX services in Brazil.
Standard Chartered has maintained a continuous presence in Brazil as a representative office for over 35 years and maintains one of the largest representative offices in the country.
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