China Construction Bank to buy Brazil's BicBanco

China Construction Bank Corp, the nation's No 2 lender, is in advanced talks to buy Brazil's Banco Industrial e Comercial SA, a person familiar with the matter told Reuters on Wednesday.

BicBanco, as the Sao Paulo-based mid-sized lender is known, has a market value of 1.7 billion reais ($778 million).

BicBanco said in a securities filing on Tuesday its "controlling shareholders are always open to business opportunities and, in that regard, there has been progress in negotiations over the sale of a controlling stake in the company," though no binding agreements have yet been signed.

CCB was not available for immediate comment.

The source declined to be identified as the discussions were confidential.

Bloomberg News earlier reported the talks.