China Construction Bank (CCB) is in talks to purchase Banco Industrial & Comercial, also known as BicBanco, a mid-size Brazilian bank, according to a person familiar with the matter.

BicBanco has a market value of $776m and is controlled by the Bezerra de Menezes family.

In a filing with the Brazilian Stock Exchange, the lender said that its controlling shareholders are always open to business opportunities and have been in talks to sell their stake.

"However, no agreement has been achieved so far without any binding documents signed or even any confirmation that the sale of control of the company will be held," the lender added.

Brazil’s financial system assets were worth BRL5.2trn ($2.38trn) at the end of the first quarter of 2013, where BicBanco accounted for BRL16bn ($7.32bn) in assets, according to the Central Bank of Brazil.

BicBanco provides retail and wholesale banking, with services such as auto financing, consumer credit, foreign exchange and fund management.

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