Standard Chartered Opens Korean Desk in Brazil
Sao Paulo and Seoul, May 6, 2013
Standard Chartered officially opened a Korean desk in Brazil today, following the successful model established by the Bank in 10 other countries including China, the United Arab Emirates, the United States and India.
The Korea desk is designed to provide dedicated support to Korean companies doing business outside of Korea and to promote the rapidly growing Brazil-Korea trade. In the past 10 years, Brazilian exports to Korea increased 375%, reaching US$4.5 billion in 2012, with Korea becoming the eighth most important trading partner for Brazilian exports. Korean exports to Brazil have reached US$9.1 billion in 2012, representing an eight-fold increase over the last 10 years.
As part of its efforts to serve this growing business, Standard Chartered has assigned a Korean field account manager to provide assistance to Korean companies based in Brazil.
With a strong international network across some of the world's most dynamic markets, deep local knowledge and strong product capabilities, Standard Chartered is able to support and serve Korean companies currently operating or expanding their business overseas into Brazil.
"Over the years, we have identified markets where our clients had strategic investments and saw there was an opportunity to increase our client coverage by providing local support to their business," said Richard Hill, President and CEO of Standard Chartered Bank Korea, who is visiting Brazil this week. "The development of the Brazil-Korea trade corridor highlights a profound shift in the dynamics of global trade and Standard Chartered is superbly positioned to facilitate these trade flows."
Standard Chartered has a banking history of 40 years in Brazil and a long history that dates back to the turn of the 20th century in South Korea, where it is the leading international bank. The strength of the Bank's global network and long history in its core markets of Asia, Africa and the Middle East give its business in the Americas a strong foundation for facilitating growing east-west and south-south trade.
"We are honoured to be the first international bank in Brazil to open a Korea specific desk," said Airton Villafranca, CEO of Standard Chartered Brazil. "As we see the trade and investment flow between the countries increase, it is only natural that we offer support to our longstanding clients from Korea. These companies are well positioned to help develop Brazil's infrastructure and we are proud to be a part of it."
For further information please contact:
Julie M. Gibson
Standard Chartered Bank Corporate Affairs, Americas Tel: +1 646.845.1114
Standard Chartered Bank Corporate Affairs, Brazil Tel: +55.11.2789.6882
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