Swiss arm of Millennium BCP gets desk to tap Chinese money

Chinese conglomerate Fosun International Ltd has disclosed that the Swiss subsidiary of Portuguese bank Millennium BCP has set up a desk to attract capital from China.

Fosun International is the biggest single shareholder in Millennium BCP.

The Chinese company says in its earnings report for the first half of this year that the Swiss arm of Millennium BCP, Millennium Banque Privée (Suisse) SA, is preparing to enlarge its customer base in Switzerland by leveraging the group’s capital-to-market platform.

In June, a Swiss newspaper, Le Temps, quoted the chairman of the Swiss subsidiary, José Salgado, as saying in an interview that the purpose was to attract funds from wealthy Chinese reached through Fosun International.