16 October 2019

CCB buying 72% stake in Brazil bank for US$723 mln, report says

China Construction Bank Corp. (CCB) (00939.HK) has agreed to pay 1.62 billion reais (US$723 million) for 72 percent stake in Brazil’s Banco Industrial & Comercial SA, Bloomberg News reported Friday. The stake will include 157.4 million voting shares and 24.7 million preferred shares, which CCB plans to buy for 8.9017 reais each, the Brazilian lender, popularly known as BicBanco, was quoted as saying in a regulatory filing Thursday. CCB will make an offer to buy the remaining stock within 30 days after completion of the deal, which needs approval by regulators in Brazil, China and the Cayman Islands. 

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