China's Fosun Eyes 30% Stake In Portuguese Bank BCP

Fahad Shabbir (@FahadShabbir) Published August 01, 2016 | 03:50 PM

LISBON, (APP - UrduPoint / Pakistan Point News - 1st August, 2016) - The Chinese conglomerate Fosun has made an offer for a 16.7-percent stake in BCP, Portugal's biggest private bank, which it may increase to 30 percent, BCP said. BCP -- Banco Comercial Portugues -- said in a statement late Saturday the offer was of "potential strategic interest." Its executive committee will study it swiftly before deciding whether to open formal talks with Fosun, the statement said. Fosun, China's largest privately-owned conglomerate, is already present in Portugal with stakes in the insurer Fidelidade and medical services group Luz Saude.

BCP's current biggest shareholder is the Angolan state oil company Sonangol, which has a 17.84 percent. The bank's share price has been under pressure since early June amid investor concern about capital weakness. BCP announced second-quarter losses of 243.9 million Euros ($272.55 million) on Friday, due to an increase in provisions for bad debts.