Chinese machinery giant opens bank in Brazil

Wang Min, the president of China's heavy machinery group XCMG; the Group announced a bank on Monday (Jan

Wang Min, the president of China's heavy machinery group XCMG; the Group announced a bank on Monday (Jan 6).

  |  Danilo/Verpa/Folhapress

XCMG Group wants to expand production in Pouso Alegre (Minas Gerais) and attract more Chinese companies.

XCMG Group, one of China's largest heavy machinery manufacturers, announced today (Jan 6) that it is set to open a bank in Brazil to finance machinery distributors and other companies.

The initial investment will stand at R$100 million, which is the amount required by the BC (Central Bank) to open the bank. XCMG Group president Wang Min told Folha that the goal is to invest R$300 million in five years.

Read more in Folha de S. Paulo

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