New Development Bank and Santander Brazil Sign Memorandum on Strategic Cooperation
Shanghai and São Paulo – The New Development Bank (NDB) and Santander Brazil signed a Memorandum of Understanding on Strategic Cooperation to promote collaboration and joint provision of financial services between the two institutions. The Memorandum marks the first strategic cooperation agreement between NDB and a private bank in Brazil.
According to the Memorandum, NDB and Santander Brazil will explore collaboration in a range of areas and services including granting of credit lines, financing for infrastructure and sustainable development projects and provision of banking services such as bond issuance, foreign exchange and derivative operations and transfer of securities.
The agreement also promotes knowledge sharing between the two institutions, including training and development of staff, temporary assignments, secondments and staff exchange initiatives.
Sergio Suchodolski, Director General of Strategy & Partnerships at NDB, stated that, “cooperation between Santander Brazil and NDB will be an important driver for financing infrastructure and sustainable development in Brazil. The Memorandum signed today provides a solid basis for joint efforts between our institutions and serves as a starting point for a fruitful relationship with potential to spur financing for new projects in Brazil. Since last year, our technical teams have been analyzing projects together with Santander Brazil, and we look forward to continuing this work as NDB expands its operations in Brazil in 2018. In particular, we look forward to working with Santander Brazil to support projects in our core areas of operation, including water resource management and sanitation, transportation and connectivity, clean energy, sustainable urban development and economic integration.”
Rafael Noya, Director of Corporate Investment Banking for Santander Brazil, affirmed, “Santander Brazil is delighted to formalize our cooperation with NDB. We look forward to exploring the business and strategic opportunities provisioned by the agreement with full interest and commitment. NDB is a young multilateral institution that carries a significant geopolitical as well as economic relevance for the global economy. As the international bank with the largest presence in Brazil, Santander Brazil is well placed to deepen engagement with NDB in the country.”
About the New Development Bank (NDB)
NDB was founded by Brazil, Russia, India, China and South Africa in July 2014 during the sixth BRICS summit in Fortaleza. The Bank is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. Headquartered in Shanghai, China, the institution began operating in 2015 with initial authorized capital of USD 100 billion. NDB plans to open its regional office in Brazil in 2018.
About Santander Brazil
Active in the Brazilian market since 1982, Santander Brazil is one of the largest banks in the national financial system and the only international institution with retail scale. The Bank has close to 37 million customers, approximately 46,000 employees and a network of more than 3,400 branches and service stations. It operates in Brazil on two main fronts: the commercial bank, which gathers retail activities, such as personal care and small and medium-sized enterprises, and wholesale, focused on large companies and operations in the capital market. The Bank is part of the Santander Group, the main financial conglomerate of the Euro Zone, with a strong presence in Latin America.