London’s position as the world’s leading financial centre will be underlined today with the opening of the Brazilian Development Bank’s (BNDES) first office overseas.

The official ceremony will be attended by Brazilian President Luiz Inácio Lula da Silva, Business Secretary Lord Mandelson, the Lord Mayor of the City of London, Ian Luder, and the President of BNDES, Luciano Coutinho.

Lord Mandelson said:  

“I warmly welcome the decision by the Brazilian Development Bank to set up its first overseas offices in the UK. London is the world’s leading financial centre and a natural hub for businesses seeking to expand in Europe.”

“This is an endorsement of the strong trading relationship between our two countries.”  

Since the UK-Brazil Joint Economic and Trade Committee (JETCO) was established by President Lula and Prime Minister Gordon Brown in 2006, bilateral trade has risen by more than half. Trade rose 17% in 2008 alone to £4.25 billion.

UK exports to Brazil were up 35% last year and the number of UK firms looking to do business in Brazil has almost doubled.  

The decision to open a London branch of the BNDES was announced in September after the latest JETCO meeting.  

The Brazilian Development Bank is a federal public company associated with the Ministry of Development, Industry and Foreign Trade. Its goal is to provide long-term financing aimed at enhancing Brazil’s development.

The bank controls a budget of more than US$130 billion. In 2009 alone, BNDES has provided more than US$60 Billion in project financing.

The BNDES is the latest in a series of banks opening up or expanding their presence in London, which in October was ranked by the World Economic Forum as the number one financial centre in the world.

Other banks that have recently opened up or expanded their presence in London include the State Bank of India, China Merchants Bank and the China Construction Bank. A Russian delegation is also currently in the UK looking at improving cooperation in financial services.

London last month was voted as the best place in Europe in which to locate a business for the 20th year running, according to a Cushman and Wakefield survey.

Media contact:

For more details, please contact Jamie Oliver, UKTI Press Office, on 0207 215 4218 or jamie.oliver@ukti.gsi.gov.uk

Notes for Editors

UK Trade & Investment (UKTI) is the government organisation that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage.

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