Chinese conglomerate Fosun has acquired a 16.7% stake in Portuguese bank Banco Comercial Portugues (BCP) for total consideration of €174.6m ($185.5m).
The deal, which has received approval from Portugal's Securities and Exchange Commission (CMVM), will make the Chinese group the biggest shareholder in the Portuguese lender.
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Fosun said it aims to raise its stake in BCP by 30% in the near future.
"The transaction is expected to extend the group's international network and help the group enter the Poland, Mozambique, Angola and Switzerland financial markets rapidly," Fosun said in a statement.
Fosun entered the deal through its wholly-owned subsidiary Chiado (Luxembourg). Under the agreement, the Chinese group will nominate two directors to the board of directors of BCP.
Last year the company made a bid for the state-rescued Novo Banco, the good bank created out of Banco Espirito Santo (BES).
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