Xuzhou Construction Machinery Group Co. Ltd (XCMG) of China announced on Monday it had obtained permission to open a bank in Brazil, to be called XCMG Bank Brazil, the China News Service (CNS) reports.

The Chinese state-run news agency quotes the maker of construction equipment as telling a press conference that XCMG will be the first manufacturer in China to open a bank abroad.

The report quotes the head of XCMG Bank Brazil, Gu Shiying, as saying the the preparation for setting up the bank first started in early 2017 and that the Brazilian central bank’s green light, granted last October, means the company has until late April to set up the bank.

XCMG Bank Brazil is licenced to engage in financial leasing, lending and investment banking to support the development of manufacturing of construction plant in South America, CNS quotes the executive as saying.

The press conference attracted nearly 100 representatives from company and media representatives from both Brazil and China.