0121 568 8793 [email protected]
BOCOM in Brazil

China’s BOCOM Seals Deal for Brazil’s Banco BBM

May 27 2015

China’s Bank of Communications (BOCOM), the country’s fifth-largest commercial bank by assets, has agreed to buy a controlling stake in Brazil’s Banco BBM, the latest in a string of overseas acquisitions by Chinese banks and brokerages.

BOCOM said it would pay R$525m ($173m) in cash for an 80 per cent stake in unlisted Banco BBM, based on the bank’s book value of R$576m. BOCOM had assets totalling $1.1tn at the end of March.

Although it is the first overseas acquisition for BOCOM, Chinese financial institutions are not opposed to snapping up assets abroad, having spent a total of $4.8bn on 30 overseas deals in 2014, following $5.1bn in deals in 2013.

Most have aimed at positioning Chinese lenders to service Chinese corporate clients overseas. China is Brazil’s largest trading partner and a major importer of Brazilian soy-beans and iron ore.

The Bocom deal came as Li Keqiang, Chinese premier, met with Brazil’s President Dilma Rousseff as part of a tour of Brazil, Colombia, Peru and Chile. At a joint press conference, Mr Li and Ms Rousseff announced more than $53bn worth of trade and investment between the two countries.

Source: Wall Street Journal

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Protected areas could help boost Brazil’s national economy, study finds

Brazil’s protected areas such as the Amazon and Caatinga are known globally for the incredible biodiversity treasures they hold. In 2016, there were approximately 17 million visitors in Brazilian protected areas and according to a new study published this...

Read More

Stay up to date

Sign up to our monthly newsletter:

Email Address

By signing up to our newsletter you indicate your consent to receiving email marketing messages from us. If you do not want to receive such messages, tick here: 

You can opt out any time via the unsubscribe link at the bottom of our newsletter or click here