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Chinese vow acquisitions in Portugal “have only just begun”

President of Macau’s monetary authority Anselmo Teng has been talking in Lisbon this week about the fervour in China to “reinforce” investments and acquisitions in Portugal. “More and more Chinese entities want to participate in the capital of Portuguese banks and insurance companies,” he said, stressing that what has happened so far is “the beginning of a tendency that is being reinforced”.

Teng’s words came as Chinese group Fosun is bidding for shares in BCP, and as the president of the administration of Haitong Bank has affirmed that it is keen to “participate in a solution” for Novo Banco.

The irony here is that Haitong and Novo Banco were previously part of the same fated BES banking group, and that if Haitong does indeed buy into Novo Banco, it will effectively be reuniting the old group after a major sanitising operation funded by taxpayers.