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China Construction Bank confirms will buy 72 pct stake of Brazil's BicBanco
November 1, 2013 / 9:02 AM / 4 years ago

China Construction Bank confirms will buy 72 pct stake of Brazil's BicBanco

HONG KONG, Nov 1 (Reuters) - China Construction Bank Corp will acquire a 72 percent stake in Brazil’s Banco Industrial e Comercial SA for 1.6 billion reals ($719.63 million), the Chinese lender said on Friday.

The deal is subject to the approval of the China Banking Regulatory Commission and the Central Bank of Brazil, CCB said in a filing to the Hong Kong stock exchange.

If successful, the deal would be the biggest by a Chinese bank in Latin America.. ($1 = 2.2234 Brazilian reais) (Reporting By Lawrence White; Editing by Miral Fahmy)

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