Fosun International Holdings will increase its holding in Banco Comercial Português, Portugal’s biggest private bank, from 16.7 percent to 30 percent, Agence France-Presse reports.

The news agency says the bank sold €1.33 billion (US$1.41 billion) of shares to Fosun on Monday. The bank will use the proceeds to repay €700 million in debt to the Portuguese government and increase its capital adequacy ratio to 11.4 percent.

Fosun became the biggest BCP shareholder in November, and the Mainland company also holds stakes in Portuguese companies Fidelidade, an insurer, and medical services group Luz Saúde.


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