Brazilian bank launches UK ops

BNDES, the Brazilian Development Bank, plans to open a London operation, making it the first foreign bank to do so since the beginning of the credit crunch. BNDES will use its London base to launch its European expansion plans and is expected to sign a lease for premises in the City of London or Mayfair within a month. The office will house a subsidiary formed this year to funnel investment from the country – which has been less affected by the economic downturn than many of its global peers – to the world outside.