China’s Fosun Group controls 24% of Portuguese bank BCP

6 February 2017

Chinese group Fosun increased its stake in Portugal’s largest private bank Banco Comercial Portugues (BCP) to 24%, according to the Portuguese press, noting it had not been possible to achieve the 30% stake the Chinese group wanted.

The capital increase, which registered a 23% higher demand than the amount of securities available for subscription, allowed BCP to raise 1.330 billion euros and increase its registered capital to 5.600 billion euros represented by more than 15.113 million shares.

The deadline for registration of shares and significant holdings of existing and new shareholders only needs to be communicated to the Portuguese Securities Market Commission at the end of the week, but the relative positions of the two major shareholders – Fosun and Angolan state oil company Sonangol – are expected to have remained largely unchanged.

The Portuguese press has reported that besides the two main shareholders, Fosun and Sonangol, which held 14.87%, the Energias de Portugal group, with 2.1% and the InterOceânico, SGPS (a group of Angolan and Portuguese investors), with 1.7%, also subscribed to the capital increase.

The Chinese group, which in Portugal controls the Fidelidade insurance company and healthcare company Luz Saude, as well as a stake of more than 5% in national grid company REN, held a stake of 16.67% in BCP before the capital increase. (macauhub)