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The founder and Chairman of Chinese investment group Fosun Industrial Holdings Ltd., Guo Guangchang said the group will promote the development of Banco Comercial Português SA (Millennium BCP) operations in Macau and Mainland China, according to Portuguese newspaper Expresso.
After the Portuguese bank – which operates Millennium BCP Macau – underwent a 1.3 billion euro (MOP11.1 billion/US$1.39 billion) capital increase in February of this year, the Chinese group increased the share under its control to 24 per cent.
Developing the bank’s operations in the MSAR is part of the group’s strategy to create ‘synergies’ between China and the Portuguese-speaking world, Mr. Guo explained, without offering specifics on how that development would take place.
The businessman – considered by Forbes as the 22nd richest man in China in 2017 – also said the group would look for investments in Brazil and Africa, with its three main areas of focus being health, entertainment and insurance.
For the whole of 2016, Millennium BCP registered a 90 per cent yearly decrease in profits, to 23.9 million euros, while its Macau branch finished the year with MOP165.7 million (US$27 million) in profits, a 17.6 per cent year-on-year decline.
In Portugal, Fosun also owns Fidelidade insurance company and healthcare company Luz Saude, as well as a stake of more than 5 per cent in national grid company REN.