Portugal: Caixa Geral de Depositos allowed to open bank in Brazil

Brasilia, Brazil, 03 Mar - The Central Bank of Brazil approved Thursday that the state Portuguese group Caixa Geral de Depositos (CGD) open the Bank Caixa Geral - Brazil, according to a communique released at its website.

As reported, the bank announced that "the National Monetary Council approved for forwarding to (...) President of the Republic, draft presidential decree authorizing the participation of foreign capital in the Bank Caixa Geral - Brasil SA, in up to 100 percent" .

And states that after the publication of the presidential decree, the Bank Caixa Geral - Brazil is authorized to use foreign capital in the group Caixa Geral de Depositos and will be given continuity to the process of formation of the Bank Caixa Geral, still under study. "

The project of CGD for Brazil aims to monitor Portuguese companies in their business there, as well as the Portuguese emigrants and their investments in Portugal.

The Bank of Brazil had already accepted, for more than a year, the designation Bank Caixa Geral Brazil, proposed by CGD for the institution to be created in the country