Published: 4:08am, 8 Feb, 2017 Updated: 8:46pm, 20 Jul, 2018
Fosun, China's largest private conglomerate, has increased its stake in Portugal's largest listed bank BCP Millennium to 23.92% through the lender's €1.33bn ($1.42bn) rights issue. The deal is expected to close by mid-2017, and will see Banco Espirito Santo become a wholly owned subsidiary of China Development Bank (CDB). Angola's state-owned oil company Sonangol, BCP's second-largest shareholder, raised its stake from 14.87% to 15.24%.