6 December 2019

CCB nearing deal to buy Brazil’s BicBanco, Bloomberg says

China Construction Bank Corp. (CCB) (00939.HK) is close to reaching a deal to acquire Brazil’s Banco Industrial & Comercial SA, Bloomberg News reported Wednesday, citing a person with direct knowledge of the matter. BicBanco, as the Sao Paulo-based lender is known, is likely to fetch a price higher than its current market value of 1.67 billion reais (US$764 million), the source was quoted as saying. Under the expected agreement, China Construction will buy the 70 percent stake owned by the controlling shareholders, the Menezes de Bezerra family, and make a tender offer to acquire the rest, according to the report. BicBanco specializes in loans to mid-sized companies.

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