China Construction Bank is in talks to buy a bank in Brazil amid plans to open a subsidiary in Latin America’s biggest economy, according to officials and people familiar with the matter.
The move comes as the leading Chinese banks are moving into Latin America to service rising trade with the region and to encourage South American exporters to begin trading in China’s currency, the renminbi, rather than the dollar.
John Weinshank, senior vice-president at CCB’s New York branch, told a banking conference in Miami that the executive board of the world’s second-largest lender by market value had approved a proposal to open a subsidiary in Brazil.
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