RIO DE JANEIRO, Dec. 5 (Xinhua) -- Bank of Communications (BOCOM, 601328.SH; 03328.HK) completed the equity transaction of buying an 80 percent stake in the Brazilian bank on November 30.
Peng Chun, president of the BOCOM, said that the BOCOM will take advantage of its financing and network strength to actively construct a bridge for economic and financial exchanges between China and Brazil and facilitate investment and trade activities between the two countries. The BOCOM will also provide support for Chinese companies doing business abroad and efficient financial service for local clients in Brazil.
Currently, BOCOM has 20 branches in 16 countries and regions and over 60 banking outlets in New York, London, Singapore and other major international financial centers.
Founded in 1858, Banco BBM is one of the oldest banks in Brazil. In May 2015, BOCOM and Banco BBM signed the equity transaction agreement. At the end of September this year, Banco BBM's total assets stood at 4.18 billion real (about 1.23 billion U.S. dollars). (Edited by Yang Qi, kateqiyang@xinhua.org)
A single purchase
