China Construction Bank negotiates entry into Brazilian market

22 November 2011

London, United Kingdom, 22 Nov – The China Construction Bank (CCB) is negotiation the acquisition of a Brazilian financial institution, the Financial Times reported in London Monday citing staff from the bank and sources close to the deal.

The vice-president of the CCB in New York, John Weinshank, said that the bank’s executive committee had approved a proposal to open a branch in Brazil, which would depend on the approval of the regulating bodies of both countries.

The newspaper also cited a source in Sao Paulo as saying that the CCB had initiated talks for a potential acquisition with the owners of a small Brazilian bank the name of which was not revealed.

The Bank of China is currently the only Chinese bank operating in Brazil although another two banks, one of which is the China Development Bank, have said they intend to start operating in the Brazilian market. (macauhub)