Major investment bank announces intention to expand into Brazil
BNP Paribas, a leading investment bank, has announced that it intends to expand into Brazil on the strength of the country's economic prospects.
The France-based bank has said that Brazil is of particular importance in its investment strategy, being "just as important" as other notable emerging markets like China, Russia and India.
Furthermore, the fact that Brazil has shown it has found the ability to limit inflation effectively means that now is the time to expand into the Latin American country, according to the AFX news agency.
Michel Pebereau, chairman of BNP Paribas, commented: "We will take every development opportunity that presents itself because we have great confidence in the potential for Brazil's economic development."
He added that he views Brazil as a "priority" in the bank's development in emerging market economies.
Recently, the Brazilian government revised its statistics for gross domestic product to reflect additional sectors of the economy and bring the figures in line with international standards.
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