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Banco do Brasil launches foreign trade unit

Banco do Brasil SA has opened a foreign trade unit as it looks to streamline its operations in the segment and assist clients in developing their international businesses, Valor Econômico reported.

The bank appointed Thompson Cesar, former superintendent of private banking, to lead the newly established unit, the report said.

Under the structure, the bank will conduct activities including credit counseling, foreign exchange operations, consulting and even exploring markets in which the bank can expand. The unit will also manage the bank's service network in other countries.

In addition, Banco do Brasil expects its foreign trade unit to bring in new revenues, especially with service provision.

According to CEO Paulo Caffarelli, the creation of the unit does not entail additional costs as the bank will deploy about 80 staff already engaged in foreign trade operations.