STXNEWS LATAM-Brazil authorizes foreign ownership of BicBanco

Mon Jul 21, 2014 1:00pm EDT

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Brazil's government authorized that as much as 100 percent of Banco Industrial e Comercial SA's capital can be held by a foreign company, according to the government's official gazette on Monday. China Construction Bank Corp agreed to buy 72 percent of the Brazilian lender, which is commonly known as BicBanco, last October.

CCB formally signed the acquisition of the BicBanco stake last week at an official visit of China's President Xi Jinping to Brazil. (Editing by Jan Paschal)

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