Ivo Distelbrink added, “Bank of America Merrill Lynch was extremely honored to organize this summit with HKMA in Brazil and be part of an ongoing educational effort on the internationalization of the RMB. The bank has long-standing operations in China, Hong Kong and Brazil, and this summit demonstrated our commitment to supporting our clients with strategic information and advice that will benefit their long-term growth objectives.”Bank of America Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and a member of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
Last week in Sao Paulo, the Hong Kong Monetary Authority (HKMA) together with Bank of America Merrill Lynch organized a summit on “Offshore Renminbi Business Opportunities.” This joint effort promoted the use of Hong Kong’s renminbi (RMB) financial platform by Brazilian corporates and financial institutions in conducting their offshore RMB businesses. In his keynote presentation, Norman Chan, chief executive of the HKMA, discussed the significance of the Brazilian market to the HKMA and its objectives for the internationalization of the RMB. “Like China, Brazil has seen tremendous growth over the last few years. More and more, these countries are building greater ties to trade and economic development. As one of the world’s most sophisticated banking hubs, Hong Kong offers Brazilian companies the flexibility and numerous options to help conduct their offshore RMB business. This will ultimately facilitate even greater trading and investment opportunities between Brazil and China.” Bank of America Merrill Lynch executives David Beker, chief Brazil economist and Fixed Income Strategy, Juan Pablo Cuevas, head of Global Treasury Solutions for Latin America and the Caribbean, and Ivo Distelbrink, head of Global Treasury Solutions for Asia Pacific, joined Norman Chan in the interactive panel that followed. The group of executives led a discussion on how companies in Brazil can prepare for the increasing use of RMB in international trade and investment, the advantages of using Hong Kong’s RMB financial platform to develop offshore RMB business, and the types of RMB products and services that Hong Kong can offer. Juan Pablo Cuevas commented on the value of the summit to companies operating in Brazil. “As China is one of Brazil’s largest trading partners, the importance of the China-Brazil trade relationship cannot be overestimated. This summit was extremely timely, and we were pleased to involve our clients in a dialogue on how to prepare for the increasing growth of RMB in international trade and investment.”