Brazilian bank BV opens office in Luxembourg
SAO PAULO, Oct 3 (Reuters) -Brazilian bank BV is opening an office in Luxembourg to serve wholesale clients as well as to offer corporate and investment banking services, it said on Thursday.
BV aims to provide financing for trading, international credit and investment products in its new office, which will have 10 employees from different nationalities.
WHY IT'S IMPORTANT
BV is one of the largest private financial institutions in Brazil, operating both in retail and corporate banking segments.
The bank has a strong tradition in the wholesale market and, in recent years, has sought to increase its footprint among larger corporations.
ADDITIONAL CONTEXT
BV is owned by Votorantim Group VOTOR.UL, one the region's largest industrial conglomerates, and Brazilian state-owned Banco do Brasil BBAS3.SA. BV has a leading position in auto financing, solar panel financing and car equity loan in Brazil.
KEY QUOTE
"BV's international expansion, with its arrival in Luxembourg, is a strategic step aiming to increase alternatives of financing abroad for our clients," said the lender's wholesale executive director, Rogerio Monori.
Reporting by Paula Arend Laier and Luciana Magalhaes
Editing by Alexandra Hudson
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