The Central Bank of Brazil has granted Bank of America Merrill Lynch (BofA Merrill) a multiple bank licence allowing it to offer global treasury solutions to multinational clients operating in Brazil. The new capabilities, immediately available in Brazil, include deposit accounts, payments, reporting and liquidity solutions. As a result, the bank can now provide a suite of corporate and investment banking services to clients in Brazil, enhancing its competitive strength in Latin America and furthering its strategic priority of developing international opportunities.
Additional treasury solutions capabilities, such as more payment types, collections, trade products, and local currency loans will be launched in the next few months.
The licence and new capabilities coincide with the recent addition in Brazil of coverage officers, risk and support staff, as well as a build out of systems infrastructure. The corporate banking coverage team has focused on large Brazil corporates and international subsidiary banking clients to deliver a range of solutions that include onshore derivatives, offshore trade products, offshore loans and international cash management. The broadened capabilities meaningfully extend the team’s competitive strength, while meeting the needs of clients in Brazil.
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