Millenium BCP “belongs to the Chinese”

Following an announcement over the weekend, national media has been reporting on the latest ‘Portuguese bank’ to be bought by foreigners.

“Deal’s done”, wrote noticiasaominuto. “BCP belongs to the Chinese”.

Fosun now owns a majority share in one of the last banks to fall from national hands.

Calling it an “historic moment”, national tabloid Correio da Manhã said the haemorrhage of banking control to foreigners has been a “tragedy”.

“There are no longer any Portuguese banker owners”, wrote deputy director Armando Esteves Pereira. “Just several dozen banking directors on millionaire salaries.

“But the power of decision making no longer rests in Portugal. It is in Shanghai, Luanda, Madrid and Barcelona.

“There is nothing left because the country had no savings, no business groups with any financial muscle.

“Some like to swear eternal love for this country but they will sell every asset at the first opportunity”.

The Fosun deal involves buying 16.7% of the bank for €175 million, and later reinforcing capital to a tune of up to 30%.

The initial buy-in gives the company the opportunity to appoint two directors onto the board.

Once capital has been reinforced, the Chinese will be “able to appoint more directors”, says noticasaominuto, adding that there still has to be a meeting (December 19) to iron out further details.

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