China Construction Bank To Buy Stake In Banco Industrial & Comercial


News: China Construction Bank is to acquire a majority stake in Brazil's Banco Industrial & Comercial for BRL1.62bn (US$723mn), according to Bloomberg. The Chinese state-run lender agreed to acquire the 72% stake in the Sao Paolo-based bank in a filing, with the acquisition price demonstrating 1.16 times book value as of June 30 2013. China Construction Bank is expected to use the purchase as part of an attempt to acquire a licence in Brazil.

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Geography: China