Deals
Bank of Communications Agrees to Buy 80% Stake in Brazil’s BBM
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Bank of Communications Co., China’s fifth-largest bank, will buy about an 80 percent stake in Brazilian lender Banco BBM SA for about 525 million reais ($173 million).
The Chinese bank will acquire 119.6 million common shares and 30.7 million preferred shares in Rio de Janeiro-based BBM, according to a filing Tuesday with the Hong Kong Stock Exchange. The value of the cash deal is based on Dec. 31 book value and subject to adjustment.