Banco do Brasil Signs Agribank Accord on Lula's Vietnam Visit

Banco do Brasil SA, Latin America's biggest bank by assets, signed an agreement with Viet Nam Bank for Agriculture & Rural Development (Agribank) to develop transfer and payment systems between the two banks.

The accord was signed during a visit to Hanoi by Brazilian President Inacio Lula da Silva, in which he met Vietnamese President Nguyen Minh Triet and Deputy Prime Minister Hoang Trung Hai.

Trade between Viet Nam and Brazil, at about $320 million last year, ``does not fully represent the potential we have for trade and investment,'' Lula said in a speech today at Hanoi. The Brazilian president is leading a delegation of about 30 businesses to the Southeast Asian nation.

Brasilia-based Banco do Brasil will expand credit operations, increase payments in convertible currencies and develop transfer systems with Bank of Agriculture, known as Agribank, the Hanoi- based lender said a statement today. Agribank is Vietnam's largest bank, with 321 trillion dong ($19 billion) of assets at the end of December. (Bloomberg)