BoCom establishes toehold overseas

Bank of Communications agrees to buy 80% of Banco BBM in an all-cash deal, coinciding with Li Keqiang’s visit to Brazil.

BoCom establishes toehold overseas

Bank of Communications has agreed to buy 80% of Banco BBM in an all-cash deal, its first overseas acquisition.

The deal announced late Tuesday coincided with Li Keqiang’s visit to Brazil the first stop in the Chinese premier's four-nation South America tour. Li’s visit also precipitated trade agreements with Brazil worth $27 billion. China has been Brazil's largest trading partner since 2009 and Brazil is also China's largest trading partner in Latin America.

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