May 15, 2015 / 5:02 AM / 3 years ago

China's BoCom in talks to buy Brazilian lender BBM - Bloomberg

May 15 (Reuters) - Bank of Communications Co Ltd (BoCom), China’s fifth-biggest lender, is nearing a deal to buy about 80 percent of Brazilian lender Banco BBM SA for about $200 million in what would be the bank’s first overseas acquisition, Bloomberg reported, citing people with knowledge of the matter.

BBM's founding Mariani family will keep the remaining stake in the bank, Bloomberg reported. (

The Shanghai-headquartered lender is a joint-stock bank, whose biggest shareholder is the Ministry of Finance.

The deal could be announced as soon as next week during Chinese Premier Li Keqiang’s visit to Brazil, the report said.

Representatives at BoCom did not immediately respond to a request for comment. Reuters could not immediately reach Banco BBM for comment outside regular business hours. ($1 = 6.2047 Chinese yuan) (Reporting by Rishika Sadam in Bengaluru and David Lin in Shanghai; Editing by Gopakumar Warrier)

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