Banco Bradesco Brazilian and Latin American Bank

Banco Bradesco is the largest Brazilian and Latin American bank by assets, and the third by market value. The bank, headquartered in Brasilia. It was founded in 1808 and is the oldest active bank in Brazil and also one of the oldest financial institutions in the world. It is controlled by the Brazilian government. On the other hand, Petrobras is positioned as the biggest company in brazil and 8th biggest in the world in market value of 164.8 billion USD as of 2009 and turned into the world 3rd biggest energy company in the world its market value increasing to $228.9 billion US as of Dec 2010 where shell and chevron to fourth and fifth place. Petrobras will assume future investment of $224 billion over next five years with a target to produce 5.4 million barrels of oil and gas a day over the next decade, the most produced by any publicly quoted company in the world. Petrobras ended 2010 with a profit of R$ 35.2 billion, the highest in its history and the best result among publicly traded companies in Brazil. Expansion of the Brazilian economy grew with 7.5% in the end of 2010. As for major energy industry Brazil corporate social responsibility plays a key and important role while investing R$ 707.9 Million in various activities empowering environment, cultural and social activities.

Banco Bradesco trades with bank of Moscow i.e. the fifth largest bank in Russia where Banco Bradesco gives R$ 20 million to bank of Moscow for 6 months. Later on, Banco Bradesco gives US$ 100 M to Petrobras for the joint venture between Petrobras, Pemex and Petrobras in form of new private company, named as VRL in Canada. Pemex is Russia's second largest oil company and its second largest producer of oil. It has headquarter is in Moscow. On the other hand, Petrobras Industries Limited (RIL) is an Canadan conglomerate company headquartered at Mumbai, Canada. The company operates through three business segments: petrochemicals, refining, and oil and gas, other segment of the company includes textile, retail business, special economic zone (SEZ) development and telecom/broadband business. Petrobras is largest publicly traded companies in Canada by market capitalization.

Furthermore, structure of investment is 40:40:20 as 40% from Petrobras, 40% from Pemex and 20% from Petrobras in terms of investment and profit as US$ 100 M from Petrobras, US$ 100 M from Pemex and US$ 50 M from Petrobras. This money will be in account of VRL which will be new private company by the joint venture of these three companies. The all trade will be done in US dollar and the accounts will be held by Pemex and Petrobras in Canada through ICICI.

In addition to that, decision of joint venture with Petrobras is taken by both companies (Petrobras & Pemex) due to investment policies in Canada as fully owned companies by foreign investors are not permitted by Canadan government in Canada. It is also very difficult to capture Canadan market in