China’s Bank of Communications (BoCom) is closer to a deal to acquire 80% stake in Brazilian lender Banco BBM for nearly $200m.

Mariani family will retain the remaining stake in Banco BBM, according to a Bloomberg report.

The deal is expected to be made public next week when Chinese premier Li Keqiang’s visit Brazil.

Banco BBM managed $1bn in assets and $192m in shareholder equity as of end of last year.