* Lender would finance Brazilian companies in China
* State-run bank ready to issue mortgage-backed securities
SAO PAULO Dec 12 State-controlled Banco do
Brasil SA, Brazil's largest bank by assets, has
received approval from a Chinese regulator to open a branch
there, a senior executive said on Wednesday, a first step toward
operating as a commercial bank in Brazil's top trading partner.
The bank still requires two more regulatory approvals, which
it may receive during 2013, before it starts Chinese operations,
according to Paulo Rogerio Caffarelli, the lender's senior vice
president for wholesale banking and international operations.
"Initially, the bank should hire about 20 employees to
support financial operations for Brazilian companies with
business in China," Caffarelli told journalists at an event
hosted by financial exchange operator BM&FBovespa.
Banco do Brasil also expects to soon issue about 8 billion
reais ($3.9 billion) in mortgage-backed securities in Brazil,
Chief Financial Officer Ivan Monteiro said at the same event.
"We are ready. We're just awaiting final adjustments by
BM&FBovespa," Monteiro said.