China Construction Bank has agreed to buy Brazil’s BicBanco for BRL1.62bn ($723m), BicBanco says, bringing rumors to life and giving one of China’s largest banks its first foothold in Brazil. The deal for the 72% stake – consisting of 157m common and 25m preferred shares – comes at BRL8.90 per common or preferred share. This represents a premium to the respective BRL7.38 and BRL7.50 closing prices Thursday. The price is subject to adjustments. Following necessary approvals, CCB would move ahead with a public offer for the remainder of the bank’s shares. Citi advised the seller. CCB’s previous attempt to enter Brazil was a 2012 agreement for WestLB’s assets in the country. When the deal fell through, the WestLB operations went to Mizuho.