The Bank of China (BOC) announced it will open a branch in Rio de Janeiro, Brazil, to support Chinese companies doing business with Brazil and Chinese expatriates living in the country.

Zhang Dongxiang, president of BOC Brasil, said that the branch, which will be located on Avenida Presidente Vargas in the centre of Rio de Janeiro, will carry out all kinds of banking transactions including loans and currency transfers.

The Bank of China has had a branch in Sao Paulo, Brazil’s financial capital, since 2009.

It was the first branch of the Bank of China in South America.