Brazil's national monetary council (CMN) has recommended the government allow Chinese state-owned Bank of China to open full operations in the country, the central bank BCB said in a statement.
Related content
President Luiz Inácio Lula da Silva must now give final approval to the process, which the bank started in August 2007.
The Bank of China subsidiary, which will have initial capital of US$60mn, aims to boost import and export financing for the two countries, local daily Folha de S Paulo reported.
The bank plans to base its operations in São Paulo, where it currently has a representative office and where it will establish its first presence in South America, the report said.
Bank of China had 6.48tn yuan (US$947bn) in total assets, as of end-June, according to its latest financial statements.
