The China Construction Bank (CCB) is negotiating the acquisition of Brazilian bank Banco WestLB, a subsidiary of German bank WestLB AG in Sao Paulo, which is troubled, The Wall Street Journal reported.
Citing a source close to the process, the newspaper also said that the Chinese bank, as well as negotiating the acquisition of Banco WestLB, was also analysing other potential acquisitions in Brazil.
CCB, whose advisors for the deal with WestLB are Brazilian bank BTG Pactual, has a network of over 13,000 branches, most of which in China, and is also present in Singapore, Frankfurt, Johannesburg, Tokyo, Seoul, New York, Ho Chi Minh City, and Sydney.
The potential entry of CCB in the South American market follows the acquisition by the Industrial and Commercial Bank of China (ICBC) inn August 2011 of 80percent of an 80 percent stake in the Standard Bank Group’s operations in Argentina in a deal worth US$600 million. (macauhub)