SAO PAULO — China Construction Bank Corp., one of China's biggest banks, acquired the Brazilian assets of German bank WestLB AG for an undisclosed amount, local newspaper Valor Economico reported Friday.
The Brazilian investment bank BTG Pactual advised China Construction Bank on the deal, according to the newspaper, which didn't disclose its sources.
The acquisition, if confirmed, would mark the start of operations of the Chinese bank in Brazil.
WestLB press officials were not immediately reached for comment.
Earlier this month, a person with the situation told Dow Jones Newswires that China Construction Bank was in talks to buy the South American assets of WestLB AG, in a deal that could cost up to US$300 million.
WestLB has a small presence in Brazil. It is the local 65th largest bank in Brazil in terms of assets, with total assets worth 2.5 billion Brazilian reais ($1.2 billion), according to Brazilian central bank figures.
