23 05 2016

China Construction Bank opens its first Chilean branch

Morales & Besa advised China Construction Bank (CCB) in obtaining the final regulatory sign-off for the Asian bank to open its first branch in Chile.


CCB got the final go-ahead from Chile’s Superintendency of Banks and Financial Institutions on 9 May, after obtaining provisional approval in 2014. In 2015 the People’s Bank of China announced CCB, which has an authorised base capital in Chile of US$200 million, would be the official yuan clearing bank in Chile, a deal that led Chile and China to agree a currency swap agreement for the exchange of a maximum of 2.2 trillion Chilean pesos (US$3.25 billion) in three years. China is Chile’s biggest trade partner, although Chinese investment in Chile has suffered due to a slump in Beijing’s demand for Chilean commodity exports. CCB will be Chile’s first Chinese bank. It also marks CCB’s entry into Spanish-speaking Latin America, following its arrival in Brazil in 2014. Morales & Besa advised China Construction Bank with a team including Antonio Morales M. (Picture) and Paulo Quinteros C.. Involved fees earner: Antonio Morales - Morales & Besa; Paulo Quinteros - Morales & Besa;

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