Chinese group Fosun taking stake in Banco Comercial Português improves shareholder stability

11 May 2017

The entry of the Chinese group Fosun into the capital of Portuguese bank Banco Comercial Português (BCP) improves shareholder stability, opening the bank up to new businesses and markets, the BCP chief executive said on Wednesday in Oeiras.

“BCP wins because the new directors not only have quality in themselves, but also because they represent the new shareholder that is Fosun, an entity that gives us, in fact, a different stability and trust,” said Nuno Amado at the end of the bank’s annual general meeting.

The general meeting, held in Oeiras, started with a shareholder quorum of 54% and the seven points up for vote were all approved with more than 99% of the represented capital.

In addition to the approval of the bank’s accounts and the proposed allocation of profits, the shareholders present also approved LinJiang Xu as a non-executive director and João Nuno Palma, former financial director of state-owned bank Caixa Geral de Depósitos, for executive functions.

The European Central Bank had already approved the inclusion of the two new directors into the BCP management team, with only the shareholders’ approval remaining, which was achieved at the meeting on Wednesday. (macauhub)