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Fosun is considering leaving the capital of Banque Centrale Populaire – Banking and Financial Services

Fosun is considering leaving the capital of Banque Centrale Populaire – Banking and Financial Services

After selling 5.6% in January, the Chinese shareholder was left with about 20% of the capital. Reuters says Spanish financial institutions will be among the potential buyers. BCP and Fosun are not commenting.

Fosun would be open to selling the stake it still holds in Banque Centrale Populaire, Reuters reported, citing sources familiar with the matter.

In January, the Chinese bloc It sold 5.6% of the capital it owned in the Portuguese financial institution, and reduced participation to about 20%. The total value of the operation amounted to approximately 235 million euros.

At the time, the Chinese group confirmed to Negócios that it would continue to “support the development of BCP”, stating that it remained “very optimistic regarding overseas markets, including Portugal” and that the decision should not be “interpreted as an indication that Fosun is no longer optimistic about… Portuguese market under any circumstances.” Now, he preferred not to comment. The bank also refused to respond.

But according to Reuters, it will be possible to sell the remaining stake, which is worth about 836 million euros. This possibility arises because Fosun is still under debt pressure and is looking for a “strategic buyer”.

The news agency writes, even in Spanish BBVA and CaixaBank CaixaBank, which controls BPI, has indicated it has little interest in the takeover, another source noted. Fosun is the largest individual shareholder in the financial institution led by Miguel Maia, followed by Angolan state oil company Sonangol with 19.49%.

BCP shares rose 6% in Monday's session to €0.2931 each, after Deutsche Bank analysts indicated they believed it was “very likely that Fosun will continue to reduce its stake” in BCP from March 22, the date on which it will turn 60. The one-day deferral period during which the Chinese multinational cannot sell the remaining shares ends. Given this estimate, the bank's capital amounts to 4.43 billion euros.

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