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Report: Chinese manufacturer XCMG considering bank launch in Brazil

The Chinese group XCMG Construction Machinery Co. Ltd. is studying the possibility of launching a multipurpose bank in Brazil, according to a report by Valor Econômico.

Representatives of the heavy machinery manufacturer, which has reportedly operated in the South American country since 2004, met with financial regulators March 1 to discuss a bank opening, the publication reported.

XCMG reportedly wants to make the move after Ilan Goldfajn, head of Banco Central do Brasil, in 2017 hinted that the Brazilian government was considering opening the Brazilian financial market to foreign financial institutions. Currently, the Brazilian constitution prohibits foreign banks from operating without permission granted by a presidential decree.