CCB to acquire majority stake in Brazil's BicBanco
By Yang Ziman | China Daily | Updated: 2013-11-02 07:21
China Construction Bank Corp will acquire 72 percent of the shares of a Brazilian bank, Banco Industrial e Comercial SA (BicBanco), for 1.62 billion reals ($726 million), BicBanco has announced.
The BicBanco deal still requires regulatory approval in both countries.
BicBanco, which is based in Sao Paulo, mainly lends to small and medium-sized domestic enterprises.
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