CCB Puts Up $716M For Majority Slice Of Brazilian Bank

Law360, New York (November 1, 2013, 1:43 PM EDT) -- China Construction Bank Corp. sealed its much-anticipated foray into Latin America on Friday with the announcement that it would pay $716 million for a majority stake in Brazil's Banco Industrial e Comercial SA, capitalizing on Chinese companies' interest in Latin American natural resources assets.

The deal marks the first Brazilian purchase by one of China's top four lenders. CCB's deal announcement ties of speculation that kicked up on Tuesday alongside media reports that it was nearing a BicBanco takeover agreement.

Under the transaction's terms, CCB —...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.