China Construction Bank’s purchase of Brazil’s Banco Industrial e Comercial BicBanco for about $730 million in cash is the latest push by a Chinese bank overseas.
Chinese banks have been gradually following their clients outside of China, many of whom are expanding in Latin America. ICBC bought 80% of Standard Bank’s Argentine division last year, and has hung out its shingle in Peru and Brazil.
Private companies such as automaker Jac Motors as well as tech firms Lenovo and Huawei have made large investments in Brazil, Latin America’s largest economy. But the biggest investors have been state controlled such as China National Petroleum Corp ...
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