SHANGHAI: Bank of Communications Co Ltd (BoCom) said it had bought around 80% of Brazilian lender Banco BBM SA for about 525 million real (US$173.13mil) in the first overseas acquisition by China's fifth-largest lender.
The deal is the latest in a series of acquisitions by Chinese banks, which are increasingly expanding their presence abroad to service domestic firms going overseas even as profit growth wanes and non-performing loans rise at home.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!