The Bank of Communications has completed the purchase of an 80-percent stake in Brazilian lender Banco BBM on Wednesday.

In a filing to the Hong Kong Stock Exchange on Thursday, the Mainland bank said it had regulatory approval from authorities in China and Brazil.

It was the Bank of Communications’ first overseas acquisition.

The purchase is expected to help the Chinese Bank to expand its business in Brazil, better serving investment and trading between both countries, and providing financial services to Chinese and local enterprises in Brazil.

The acquisition was announced in May last year.