China Construction Bank is poised to clinch its first international banking deal as it closes in on Brazil’s BicBanco, a São Paulo-based lender with a market value of R$1.7bn ($780m), according to people close to the situation.
The Chinese bank, which has long been seen as next in line to pursue an international expansion following Bank of China and ICBC, is in talks to take a majority stake of about 70 per cent from the controlling Menezes de Bezerra family shareholders. It would then tender for the rest of the shares.
CCB told the Financial Times last year that it had up to $15bn to spend on acquisitions, but people close to the bank, China’s second-largest lender, said it remained conservative about the size and type of any potential investments, as well as the price.
