The Asian conglomerate has increased its stake in a European bank, adding to other foreign acquisitions, including in the wealth management space, in recent years.

Fosun, the Chinese conglomerate, has increased its stake in Millennium bcp, the Portugese bank, to 23.92 per cent following the lender’s $1.42 billion rights issue.

“The board [of Fosun] is pleased to announce that, as at the date of this announcement, Chiado (Luxembourg) S.àr.l., an indirect wholly-owned subsidiary of the company, holds approximately 23.92 per cent of the share capital of BCP. The total consideration under the rights issue subscription amounted to approximately €374 million,” Fosun said in a recent statement. 

Fosun bought an initial 16.7 per cent stake in BCP in November for €175 million ($186.3 billion), Reuters reported, noting that Chinese companies have been actively buying assets, from infrastructure to insurance and banking, in Portugal since its 2010-2013 debt crisis.

Fosun has been active in buying European wealth management and private banking operations; it has agreed to buy Hauck & Aufhäuser, the venerable German private banking and financial firm, for example. Meanwhile, in October 2015, Fosun launched a financial platform for its investment and asset management business in Russia and neighbouring countries. Fosun Eurasia Capital, the platform, was co-founded by Fosun and its local partners in Russia, Tanya Landwehr and Igor Danilenko.

The firm has also been affected by controversy. Late in 2015, the chairman and founder of Fosun was quizzed by police over an investigation mostly around his personal affairs. Media reports at the time said Guo Guangchang had gone missing, prompting speculation as to his whereabouts. He resurfaced after more than a day, with the firm saying he was assisting authorities with an investigation.