CCB to acquire majority stake in Brazil's BicBanco

China Construction Bank Corp will acquire 72 percent of the shares of a Brazilian bank, Banco Industrial e Comercial SA (BicBanco), for 1.62 billion reals ($726 million), BicBanco has announced.

The BicBanco deal still requires regulatory approval in both countries.

BicBanco, which is based in Sao Paulo, mainly lends to small and medium-sized domestic enterprises.