China Construction Bank to buy Banco Industrial e Comercial
Sao Paulo-based BicBanco mainly lends to small and medium-sized domestic enterprises and it is involved in consumer credit and foreign exchange, among other activities. The deal still requires regulatory approval in both countries.
According to the terms of the agreement, the total purchase price of the controlling shares shall be 1,620,976,548.00 Brazilian Reais, corresponding to 8.9017 Brazilian Reais for each ordinary or preferred share issued by the company, such price subject to upward or downward adjustments after the closing of the transaction.
With nearly 60 years of operational history, CCB is the second largest commercial bank in China by total assets (14.859 trillion Renminbi) and by total loans (8.095 trillion Renminbi). Its shares are negotiated on the Hong Kong Stock Exchange (SEHK: 939) and on the Shanghai Stock Exchange (SSE: 601939), and its market capitalization exceeds 180 billion US Dollars, ranking CCB as the 5th largest among listed banks in the world. ■