Say Fosun or Anbang to most Europeans and they will probably shrug. But this could be about to change as the two acquisitive Chinese groups continue to snap up assets across Europe’s struggling financial services sector.
The main battleground is in Portugal, where China has become the biggest source of foreign direct investment. By the end of June, Fosun International and Anbang Insurance are expected to submit the highest final bids for Novo Banco, the country’s third-biggest bank by assets.
A €4bn-plus acquisition of Novo Banco would represent more than 2 per cent of the country’s gross domestic product. It would almost certainly make Portugal the leading EU destination for Chinese investment this year.
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