The Portuguese Commercial Bank (BCP) gave this weekend a first step towards a clarification of the shareholder, with chinese group Fosun to announce that you have already purchased 16.7 percent of the institution led by Nuno Amado.
The agreement of the entry of Fosun (owner of Fidelity and Light Health) in the BCP was closed on Friday and was formalized in the framework of a capital increase, reserved, 175 million euros, which took place this weekend. This value, in turn, will be important in helping the bank to pay back the 750 million euros that still owes the State for the support of the government’s recapitalisation. Over the next three years, Fosun will not be able to sell their shares.
The operation, reported this Sunday morning, opens the path to stability shareholder, a long-term perspective, and was articulated with the administration headed by Antonio Monteiro, you’re sitting on the remaining investors of reference. The chinese investment, approved by consensus, expresses itself also in a "covenant" financial ” sino-angolan, with its epicenter in the second largest Portuguese bank (and the largest private equity), in which Sonangol held up here, 17,84% of the share capital (increase in capital of Fosun did dilute the position). And that you want to increase to ensure greater balance in the relationship of internal forces, given that Fosun has already expressed intention to take up to 30% of BCP.
it Was, in fact, in this context that the president of the state oil company of angola, Isabel dos Santos (which personally has 21% of the BPI and controls the bank’s BIC), required by the supervisory authority, namely the ECB, authorization for Sonangol to climb up the investment to more than 20% of BCP. A request still no response.
Only when the GOVERNING rule is that the shareholders of the bank headed by Nuno Amado will be called to vote one of the conditions required by Fosun to keep in the game: the rise of the shield of the voting rights of the current 20% to 30%. And if this seemed like a condition to enter the capital of the bank, will now only be clarified almost at the end of the year.
To vote on the climb out, the BCP will defer for the second time the general assembly that occurred on the 9th of November. First, was suspended for continuing this Monday, and, now, to cope with the delays of the ECB, the meeting magna was pushed para19 December.
it is recalled that the entry of Fosun in the BCP was in advance of the approval by the administration of the BCP from the merger of the shares (75 shares at a title] which had as effect the rise in the price, which on Friday closed at 1,249 euros.
Before the reunification of titles, which only became possible after, in September, the government of António Costa being allowed to change the Code of the Securities Market, each action of the BCP transaccionava a penny, which prevents some institutional investors from investing, and introduces higher volatility.
The June 30, 2016, in the list of the largest shareholders of the BCP were, apart from Sonangol, Spanish bank Sabadell (5,07%), EDP (2,56%, controlled by China Three Gorges), and the inter-oceanic (2,05%, linked to the angolan interests). The majority of the capital is now dispersed by small investors. But if Fosun and Sonangol continue to invest, have together more than 50% of the institution.
To position itself as the major shareholder of the bank, Fosun will have two members on the board of directors and the executive committee, one of them being named vice-president. After, it was established that, when the Fosun ensure at least 23% of the BCP, will feature three non-executive directors, one of whom shall be designated vice-president of the board of directors and the other proposed as a member of the committee of remuneration.
In a statement sent to newsrooms, the Fosun, which came to be in the race to the New Database, it says that the entry in the capital of the BCP is just the start "of a journey with a view to equip the bank’s conditions to take advantage of its huge potential". Then, stresses that this investment is an "important step" for the consolidation of its internationalization strategy. In addition, in the press release that the BCP is sent to the regulator of the capital market, says that the agreement between the two entities provides for the establishment of long-term agreements for the distribution of insurance outside of the Uk". the With Luis Villalobos and Vítor Costa
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