Off the wire
• APEC leaders meet to discuss Lima Declaration  • Polish PM to visit Israel to strengthen economic cooperation  • Al-Qaeda linked person arrested in Morocco  • Los Angeles Auto Show opens with 20 world premieres  • Algeria suffers 15.8 bln USD trade deficit in first 10 months  • British PM calls for businesses change for "fairer" Britain  • Number of Czech doctors to decline steeply in four years: official  • Arab press union "shocked" by jail verdict against Egypt's top journalist  • Iceland's five opposition parties agree to formal coalition talks  • More Greeks want closer ties with Russia, China than US, Germany: poll  
You are here: 　 Home

China's Fosun to buy into Portuguese lender BCP

Xinhua, November 21, 2016 Adjust font size:

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 U.S. dollars).

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. Enditem