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.
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