Standard Chartered has received final authorisation from Brazilian Central Bank to commence investment banking operations from its branch in Sao Paulo.
The licence will allow Standard Chartered bank to strengthen support for both its clients in Brazil and those clients based in its footprint markets which are trading and/or investing between Brazil and those markets.
The investment banking licence allows Standard Chartered to offer products and services that include: on-shore presence in the local FX and interest rate markets; BRL denominated products on-shore at the local exchanges; OTC derivatives and cash instruments to local clients; and local capital markets origination and underwriting.
Moreover, over the next few weeks Standard Chartered will register with municipal, state and tax authorities and conclude operations testing. Standard Chartered will also offer international cash management, trade services, project and export finance, syndicated deals, securitisation as well as foreign exchange and derivatives of rates and FX services in Brazil.
Airton Villafranca, CEO of Brazil at Standard Chartered, said: “With Standard Chartered’s extensive international footprint, expanding our ability to serve clients in Brazil doing business with our core markets was a natural step. We are thrilled to have been granted the final approval and that we will now be able to offer new products to our customer base.”