XCMG Bank Brazil, owned by the Chinese maker of construction equipment Xuzhou Construction Machinery Group Co. Ltd (XCMG), has opened for business, Xinhua reports.

The Chinese government-run news agency quotes XCMG Chairman Wang Min as saying in his speech at the opening ceremony, held online, that he believes the bank can serve Chinese and Brazilian enterprises alike.

The report quotes Bank of China Brazil Ltd General Manager Zhang Guanghua as saying XCMG Bank Brazil is a pioneer in financing the supply of construction machinery.

Brazilian banks Daycoval and Banco Safra are keen on working closely with XCMG Bank Brazil, the report quotes representatives of the banks as saying.

The head office of XCMG Bank Brazil is the southeastern Brazilian municipality of Pouso Alegre Xinhua says.