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Report: China Construction Bank looks to inject $200M in troubled Brazilian unit

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Report: China Construction Bank looks to inject $200M in troubled Brazilian unit

ChinaConstruction Bank Corp. is seeking authorization from Chinesebanking regulator CBRC to inject $200 million of capital in troubled Brazilianunit China Construction Bank (Brasil)Banco Múltiplo SA, ValorEconômico reported April 6.

The move follows two consecutive years of losses for theBrazilian subsidiary, as a result of which its Tier I capital fell to well below theminimum regulatory requirement.

According to Valor,China Construction Bank (Brasil) posted a loss of 734.8 million Brazilian reaisin 2014, followed by a loss of 491.8 million reais in 2015.

In a statement, China Construction Bank said it expects toobtain approval for the capital injection from both the CBRC and by theend of the first half. The Brazilian unit will be subject to central banksanctions if the capital injection fails to materialize, the publicationreported.

The Chinese parent has reportedly taken other measures tosupport the unit, which was previously known as Banco Industrial e Comercial SA,including the opening of a $2 billion credit line. Of that amount, thesubsidiary had already used $900 million by the end of 2015.

As of April 6, US$1was equivalent to 3.67 Brazilian reais.