USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Companies

China's Fosun to buy into Portuguese lender BCP

Xinhua | Updated: 2016-11-21 07:42

China's Fosun to buy into Portuguese lender BCP

A view of the headquarters building of Fosun International in Shanghai, December 11, 2015.[Photo/IC]

LISBON - Portugal's Securities and Exchange Commission (CMVM) has approved an offer by Chinese conglomerate, Fosun, to buy a 16.7 percent stake in Portuguese lender Banco Comercial Portugues (BCP), the CMVM said in a statement on Sunday.

Fosun is buying a 16.7 percent stake into BCP, Portugal's largest listed bank, becoming the bank's biggest shareholder, for 175 million euros($185.50 million).

The Chinese group has said the acquisition will help it extend business in Europe and Africa.

Fosun has also said it plans to raise its stake by 30 percent in the near future.

Portuguese banks have been selling stakes to clear bad loans and boost capital.

 

 

 

 

Most Viewed in 24 Hours
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US