China's Fosun to buy into Portuguese lender BCP

Updated 2016-11-21 14:52:47 Xinhua

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(5.50 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.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58May 26 2017 05:48:39

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16May 26 2017 05:48:39

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18May 26 2017 05:48:39

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords