Fosun enters the BCP with compliments to the management and shareholders – Jornal de Negócios – Portugal

The Fosun will go on BCP for 175 million and will take the place of the largest shareholder of the bank. In the context of this movement, the chinese group leaves compliments to the administration, who closed the agreement, and the remaining shareholders which, in the council, approved the investment of Fosun.

“Without the enormous determination of the directors of the BCP and the support of the shareholders of reference of the bank would not have been possible to face the complexity of this operation”, indicates the Fosun in an official note after you announced the understanding that gives the chinese and 16.7% of the bank.

The intention of entering in the Portuguese financial institution was demonstrated in July, and since then, have been satisfied as to the conditions of the Fosun placed to realize their investment. Some of these conditions, as the realization of the reunification of actions, had to have the endorsement of the administration. In the same way, the shareholders of reference, Sonangol, Sabadell and EDP, also gave their approval, even their positions in the diluírem.

“Fosun will match this expression of welcome through active support in the formulation of value propositions for the strengthening of the bank’s development and its long-term strategy”, indicates the group that, in Portugal, already holds the Fidelity and the Light Health.

there are No specific details about which proposals may be these, although there is the indication of an agreement in the area of insurance, but not on the national market in the long term. “Considering the synergies and opportunities for business development, the memorandum of understanding provides for the existence of subsequent conversations to, market conditions, and without compromise of results, to establish long-term agreements for the distribution of insurance outside the Uk”, indicates the BCP in their communiqué. In Portugal, Fosun holds the Loyalty and the BCP has partnered with the Western, and the Business had already revealed that the Fidelity would be out of this understanding, not to change the partnerships of the two groups.

“The entry of Fosun in the capital of the BCP represents an important step for the consolidation of the internationalization strategy of the Group is Fosun” further reveals the conglomerate chinese, anticipating that this is the “beginning of a journey with a view to equip the bank’s conditions to take advantage of its huge potential”.

The group acquired, for 175 million euros, a shareholding of 16.7% in the BCP. But maintains and reinforces the intention of reaching 30%.