Chinese companies are targeting stakes in two of Portugal’s leading banks as the country’s financial sector undergoes a transformation aimed at clearing bad loans and boosting capital.
China Minsheng Financial Holding has joined the list of candidates for Novo Banco as Lisbon makes a second attempt to sell the so-called good bank salvaged from the ruins of Banco Espírito Santo in 2014.
At the same time, Fosun Industrial Holdings, part of China’s biggest private conglomerate, is in advanced talks on acquiring 16.7 per cent of Millennium BCP, Portugal’s largest listed bank, and potentially lifting its stake subsequently to 30 per cent through capital increases.
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