Fosun insurance subsidiary Fidelidade buys 1.5 million euros in BCP bonds

  • Lusa
  • 10 November 2020

Fidelidade bought 1.5 million euros in bonds issued by Banco Comercial Português (BCP), one of the country's largest non-state banks.

Fidelidade, a Lisbon-based insurance company controlled by Fosun of China, bought 1.5 million euros in bonds issued by Banco Comercial Português, one of Portugal’s largest non-state banks, in which it is also the largest shareholder, BCP announced in a statement sent to the country’s securities markets regulator, the CMVM.

Both transactions took place on October 6, with Fidelidade first acquiring 500,000 euros in BCP bonds and then a further 1 million euros.

In the statement, BCP noted that two of its directors, Jorge Manuel Baptista Magalhães Correia and Lingjiang Xu, are also directors of Fidelidade.

On 24 August, Fidelidade announced that it had purchased perpetual bonds issued by BCP worth 1.4 million euros. In June, it had acquired BCP bonds worth 3.4 million euros, having in May already acquired 1.4 million euros in perpetual bonds.

Fosun has an 85% stake in Fidelidade, with the only other shareholder being Portuguese state savings bank Caixa Geral de Depósitos.

The Chinese company is also BCP’s largest shareholder, with 27.25%.