Tiger Asia Management, which has admitted guilt of insider trading, was ordered by a Hong Kong court on Friday to pay $5.8 million to some 1,800 local and overseas investors. No charges have been filed against the US-based hedge fund in Hong Kong.
BicBanco's 72% would be acquired by China Construction Bank Corp for BRL1.62 billion.
The source said China Construction Bank Corp's acquisition of BicBanco would be the easiest step in securing a license to expand in Brazil.
Last Tuesday, Bank of America Corp announced to sell its remaining stake in China Construction Bank Corp for USD1.5 billion.
A term sheet seen by Reuters revealed that Bank of America Corp would exit from China Construction Bank Corp by selling shares worth USD 1.5 billion.