The Asian country is looking for something in Chile. The well-known purchases of the last weeks will add more investments in the country. In the financial arena, Bank of China will join China Construction Bank and a third bank is analyzing entering the local market. The next purchases would come by the agroindustrial area, infrastructure and would boost its presence in the electric sector.
It happened at the end of May. Yantai Changyu Pioneer Wine, the largest Chinese company in the area, acquired 85% of the wine arm of the Bethia group, in an operation valued at US $ 48 million. This type of transactions will be repeated as the Chinese continue to invest in the country. “There are many Chinese companies looking for opportunities,” says Juan Esteban Musalem, president of the Chilean Chamber of Commerce, Industry and Tourism (CHICIT).
In the coming months a Bank of China branch will arrive, one of the four largest banks in the country will be established. The company, at the end of June 2016 presented to the Superintendency of Banks and Financial Institutions (SBIF) the request to operate a banking license and today this process is in the last phase of approval, leaving only the operating authorization, distribution.
It´s arrival would join the institution of the Chinese Construction Bank (BChC) – the second operator in the Asian nation – last year and would also be add to the analysis being made by a third institution in the sector, says Musalem. The industry speculates that this could be the China Development Bank.
All of them will open the doors to materialize new investments in the country. “This shows that we will have many companies from the Asian country established in Chile,” says Musalem.
“When a bank is established, the clients of that bank in China find support, because it is someone who understands the language, sanitary, tax, accounting and labor standards of the country. Therefore, they fell like home and that makes the relationship grow,” says Francisco Silva, president of the Chile-China Bilateral Business Council.