Fidelidade buys €1M BCP bank perpetual debt bonds

Insurance company Fidelidade last week acquired one million euros in BCP bank’s perpetual debt bonds, according to a statement sent by the bank to the Securities Market Commission (CMVM).

According to the statement, the notification is due to the “acquisition of BCP bonds by Fidelidade, as an entity closely related” to the bank.

The relationship is due to the fact that two directors, Jorge Magalhães Correia (president of Fidelidade) and Lingjiang Xu (linked to Fosun) share management positions in both institutions.

As of June 30 2020, the Fosun group held 29.01% of BCP, its largest shareholder, followed by Sonangol Group (19.49%), BlackRock (2.99%) and EDP Group (2.06%).

Fosun holds 84.9892% of Fidelidade’s share capital, the largest shareholder, followed by Caixa Geral de Depósitos (CGD), which holds 15%.