Sydbank to work with largest bank in South America
The inclusion of the largest private bank in South America, the Brazilian Bradesco, has shortened the banking distance between Aabenraa and Rio de Janeiro. Sydbank has been a Connector bank since 1999.
– Connector is a club of banks worldwide which have joined forces to provide cash management solutions to multinational clients. Connector represents our cash management distribution channels virtually around the world. Now also in Brazil with the inclusion of the huge Bradesco with a network of 3200 branches, says Nicolai Schmit, Vice President, Cash Management at Sydbank.
With Bradesco in Connector, accounts and local financial advice in Brazil will be open to Sydbank’s clients. Moreover Bradesco accounts will be fully open to Sydbank’s clients via Sydbank’s Online Banking, including reconciliation, liquidity sweeping and payments from the Bradesco account.
Danish enterprises export mainly agricultural and industrial equipment, chemical products and pharmaceuticals to Brazil and import clothes, shoe, coffee and other commodities as well as agricultural products from Brazil. Being the largest country in South America and an Emerging Market Brazil is one of the most rapidly growing economies in the third world.
– Having access to Bradesco’s extensive branch network is better than having a branch in Brazil because we have an abundance of knowledge, network and contact persons available to us. If a Sydbank client is to set up a business in Brazil we will contact Bradesco for advice and assistance – for example regarding local payment systems. In addition if the client is looking to Argentina or Peru we can to some extent rely on Bradesco as the Brazilians have know-how about Latin America, says Nicolai Schmit.
On Tuesday 16 September Bradesco was formally accepted into Connector at Sibos in Vienna.
In 2007 Denmark’s exports to Brazil stood at DKK 1.95bn and imports recorded DKK 2.2bn.
Sydbank is the only Danish member of Connector. Other member banks come from Australia, Belgium, UK, Brazil, France, Netherlands, Italy, New Zealand, Portugal, Spain, Germany, Austria, USA and a series of countries in Eastern Europe.
For additional information, please contact Nicolai Schmit on tel +45 74 36 25 51