BOCOM BBM and SPIC Brasil announced the first major loan transaction directly carried out in renminbi in Brazil. The operation in the amount of RMB 1 billion, without exchange rate risk and direct settlement in BRL, was carried out by the Bank of Communications (BoCom), with BOCOM BBM providing the swap for CDI+ and closing the exchange rate via CIPS (Cross-Border Interbank Payment System China).
Banco BOCOM BBM is the first financial institution in Latin America to become a full member of the Cross-Border Interbank Payment System (CIPS), which allows us to conduct messaging and settlement of transactions directly within the Chinese banking system.
Following this agreement, remittances in CNY can be made around the clock, as well as derivatives trading to hedge against exchange-rate fluctuation.
In 2023, we launched two investment funds managed by the Bank’s assets: BOCOM BBM Cash, and BOCOM BBM Cash Enhanced.
It has immediate liquidity and permits allocation only to government bonds and securities issued by top-tier Banks. It targets a return equivalent to 100%-104% of the interbank rate (CDI), in line with the main investment products offered by Banks, such as certificates of deposit (CDs) and repos.
It has two-week liquidity and, besides the same allocations as BOCOM BBM Cash, also permits limited allocation to high-grade corporate risk when supported by the Bank’s credit research analysts. It targets 104%-107% of the CDI, which is slightly better than the return on the main investment products available from most Banks.
The Banker, published by the Financial Times Group, has drawn up a ranking of the world’s 1,000 top financial institutions. Presenting a significant position in the sector, Bank of Communications (BoCom) figures as the ninth-largest Bank by Tier 1 capital.
In 2023, Bank of Communications (BoCom) joined the list of globally systemically important Banks, or G-SIBs. Twenty-nine Banks are included in the list, which is drawn up by the Financial Stability Board (FSB). All are large institutions with complex operations and activities that directly impact the world economy. Bank of Communications was the only institution to be added to the list in 2023.
Meia de Sampa and Circuito das Estações | Team BOCOM BBM took part in two running events: Meia de Sampa, a half marathon held in São Paulo City, and Station Circuit – Spring Stage, held in Rio de Janeiro. Thousands of people participated in the events, with street running routes ranging from 5 km to 21 km.
Panda Cup | The eighth edition of the Panda Cup assembled members of our staff from São Paulo and Rio de Janeiro for games of soccer, beach tennis and volleyball. Our traditional contest provides integration between teams outside work environment.
We sponsor and support Hugo Calderano, one of the best table tennis players in the world. In 2023, Calderano ranked number four in the world, and also became the first three-time Pan-American singles table tennis champion. In 2024 he will represent Brazil at the Paris Olympics.
BOCOM BBM believes sport is a powerful tool to promote and disseminate values such as discipline, excellence and dedication. In August, we were visited by Hugo at our office in Rio de Janeiro. During the event, the athlete spoke about his trajectory, career and future plans.
Bahia Farm Show | We took part in the largest trade fair for agricultural technology and agribusiness in North and Northeast Brazil, the Bahia Farm Show. Agribusiness specialists from our credit team presented BOCOM BBM’s financial products and solutions at the event. More than 100,000 people visit the show every year.
33rd edition of Integration Workshop (WI33) | We attended the fair created by Poli Júnior, a student enterprise based at the University of São Paulo’s Engineering School (POLI-USP). Known as The Integration Workshop, this is an opportunity for university students to meet representatives of companies in various segments and to expand their contact networks. On this occasion, we received enrollments for the 2024 Summer Job program.
FELABAN Annual Assembly | The 57th edition of the Annual Assembly of the Latin America Federation of Banks (FELABAN) was held in Miami, and attended by BOCOM BBM. The meeting brought together executives and leaders of the financial services industry to discuss business opportunities in trade finance and funding. Speakers at the event also talked about the global economy and issues that effect Latin America.
USP Innovation Week | BOCOM BBM was present at the career fair held by the student association of the University of São Paulo’s Engineering School (POLI-USP). The event is attended by Brazilian and foreign corporations. Its aim is to enable students to network with prospective employers and find out about career opportunities in technology- and engineering-related areas.
At the end of the year, we were visited by Mr. Ren Deqi, Chairman of BoCom, and his delegation for meetings with leaders in Rio de Janeiro and São Paulo. They took the opportunity to tour our offices in both cities, accompanied by members of BOCOM BBM’s Executive Committee.
Our History Room, where objects and documents that tell the history of BOCOM BBM are exhibited, was unveiled in our Rio de Janeiro building during the visit by the Chairman of BoCom.
In line with the UN’s Sustainable Development Goals (SDGs), we believe we can contribute to capacity building in the communities where we operate by strengthening their people and
helping them realize their productive potential.
Our sponsorship and donation policy supports educational, cultural, sporting, and environmental initiatives.
Christmas of Emotions | In 2023, the initiative benefited 8 social institutions, distributing food and personal hygiene products. Natal de Emoções is a project promoted by Viver Solidário, an NGO founded by a former member of our staff. This non-governmental organization helps residents of Rio de Janeiro with various actions throughout the year.
Gamboa Ação | Also during Christmas, we supported the year-end celebration of Gamboa Ação, an NGO located near our head office in Rio, which develops educational projects with children from Morro da Providência throughout the year.
Rainstorm victims | Intense rainstorms hit the north coast of São Paulo State in February 2023. Through Instituto Verdescola, we supported social initiatives to assist affected families, including distribution of food, water and personal hygiene products.
Sports Incentive | We maintained our support for the Destemidas project, which serves girls and young women from Complexo da Maré in Rio de Janeiro. The program uses running as a personal development tool and promotes awareness against sexual harassment and domestic violence through campaigns.
Training for developers | We took part in the first edition of Conecta42!, an event held in Rio de Janeiro for students of the 42 | Rio tuition-free coding school to explore career opportunities for developers. BOCOM BBM has partnered with the school since its inception. The methodology is unique: students learn by exchanging ideas with former students, and there are no teachers as such.
Educandário Nossa Senhora do Rosário | This institution cares for socially vulnerable children aged 6 or less and received our support via the Municipal Fund for Children and Adolescents.
Exchange between universities | BOCOM BBM supports the Global Hybrid Classroom, a program developed by Beijing’s Tsinghua University to promote an exchange of knowledge and collaboration between educational institutions around the world. In 2023, the Federal University of Rio de Janeiro (UFRJ) participated in the program, offering an online course on environment, governance and sustainability.
Classes for children and adolescents | BOCOM BBM sponsors Arte Tech, a project that develops sociocultural perception, creativity and logical reasoning among children and adolescents cared for by the non-governmental organization Gamboa Ação. In 2023, the participants took weekly classes in digital creation, English and chess.
Talks on sustainability | Our Sustainability Committee organized a series of lectures on various topics, such as climate policies focused on agribusiness, the presence of women in Brazilian art, and macroeconomic outlook. The lectures, open to all our employees, were conducted by external guests with extensive knowledge in the topics covered.
New metrics for women’s mentoring program | The Women’s Engagement (WE) Committee continued in 2023 to provide mentoring for prospective female leaders. One of the initiatives was the start of monitoring of new metrics suggested by the UN Women’s Empowerment Principles.
