Portugal’s Banco Comercial Português (BCP) has signed a partnership agreement with Banco Privado Atlântico to open a bank in Brazil.

The agreement reflects BCP’s strategic agenda to access opportunities in the Brazilian market, namely in corporate finance and trade finance through partnerships, the bank says.

The new bank is set to open once all of the necessary licenses and authorisations are obtained.

The head of this project is yet to be confirmed, a spokesperson at BCP told GTR.