China-based brokerage Haitong Securities is in discussions to acquire the investment banking unit of failed Portuguese bank Banco Espírito Santo (BES).

The acquisition of BEI is expected to cost around EUR500m to Haitong Securities.

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Also, Haitong is planning to expand into overseas markets to assist Chinese clients to purchase foreign assets, said Reuters.

The central bank is looking to recover those funds, which were used Bank of Portugal to rescue BES, by selling parts of the businesses.

A spokesman for Haitong declined to comment about the deal.

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