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Nov 2013,China Construction Bank Corp Agreed on the Acquisition of BIC
Published time: 2014-02-28

Beijing, 1st November, 2013 – China Construction Bank Corporation announced today that it has reached an agreement regarding the acquisition of 72.00% of total share capital in Banco Industrial e Comercial S.A.“BIC”) with BIC’s controlling group, Bezerra de Menezes family. The Share Purchase and Sale Agreement was signed in Sao Paulo on 31st October, 2013 (Brazil time). Both parties will subsequently seek necessary regulatory approvals.

As one of the BRIC countries, Brazil has the largest population and economy in Latin America. It also has the largest financial services market in Latin America, with significant potential for future growth. Bilateral trade and economic cooperation between China and Brazil has been growing fast in recent years. China is currently Brazil's largest trade partner in the world.

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