China Construction Bank’s agreement to buy a controlling stake in Brazil’s Banco Industrial e Commercial (BicBanco) for $730 million is a landmark deal in cooperation between the two Bric countries.
It is CCB’s first acquisition in Latin America, giving the Chinese state-owned bank a foothold at a time when Chinese companies from the financial sector and beyond are looking at opportunities to expand into the region.
It is also an encouraging first statement of intent by a state-owned company from China after the much-watched Third Plenum of the Chinese Communist Party’s central committee.
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