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Fosun raises stake in Portugal's Millennium bank to 25 pct
September 11, 2017 / 9:57 PM / 3 months ago

Fosun raises stake in Portugal's Millennium bank to 25 pct

LISBON, Sept 11 (Reuters) - Chinese conglomerate Fosun International has increased its stake in Portuguese bank Millennium bcp to 25.16 percent from 23.93 percent, following its stated strategy of raising its holding up to 30 percent, Millennium said.

“This increase is in line with the strategic interest Fosun has previously communicated to the market and demonstrates confidence in the path being taken by Millennium bcp,” Millennium’s chief executive Nuno Amado said in a statement on Monday.

Fosun first bought a 16.7 percent stake in Millennium last year and said at the time it may raise its holding to 30 percent.

“This confirms the continued confidence of investors and regulators in our strategy and implementation,” said Amado.

Millennium has been boosted this year by a fall in non-performing loans.

Reporting By Axel Bugge, Editing by Rosalba O'Brien

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