Worldway Lisbon News: Chinese enterprises participating in the bidding for the new bank in Portugal are considered one of the preferred buyers. The new bank is a spin-off from the "healthy assets" of the now-defunct Espírito Santo Bank, and the Portuguese government is seeking to sell the new bank, which could become the largest investment by Chinese enterprises in Portugal.
Carlos Costa, the Governor of the Bank of Portugal, confirmed last week that seven companies have submitted non-binding offers for the acquisition of the new bank, with half of them having expressed preliminary interest in the acquisition and received initial acceptance from financial regulatory authorities. According to Portuguese media, the interested parties include three strong Chinese enterprises: Fosun International, Anbang Insurance, and Bank of China. Fosun International recently acquired the Portuguese insurance company Fidelidade.
Researchers closely following the acquisition process, including former BPP Bank Chairman João Rendeiro, believe that the final buyer of the new bank will be one of the aforementioned Chinese enterprises, with an estimated price of at least 5.2 billion euros. Rendeiro pointed out that the new bank has its advantages—"the balance sheet is the 'cleanest', all impairment factors have been reflected, the ratio of mortgage loans is the lowest among Portuguese banks, and it is the best commercial machine in the Portuguese banking industry, making it the ideal platform for entering the European banking system." Rendeiro believes that among the three enterprises, the strongest is Fosun International, which is considered the largest Chinese consortium in Portugal. It has previously acquired Fidelidade, the healthcare company "Espírito Santo Health", and holds several large enterprises, including the Portuguese national grid company REN.
This transaction could be the largest involving Chinese enterprises in Portugal, surpassing the 2.69 billion euro acquisition of a 21.35% stake in the Portuguese state-owned electricity company (EDP) by China Three Gorges Corporation in December 2011. Over the past decade, Portugal has been the fourth largest European country attracting Chinese investment. According to the research report, since 2000, the United Kingdom has led foreign investment in Portugal with 16 billion USD, followed by Germany (8.4 billion USD), France, and Portugal (both 6.7 billion USD). Some analysts point out that Chinese enterprises are investing even more in Portugal, reaching a scale of 10 billion USD.
In addition to the significant entry of Chinese enterprises into Portugal, individual Chinese investments in Portugal are also very prominent. According to the latest investment immigration ("Golden Residence Permit Program") data released by the Portuguese Immigration and Borders Service last month: as of the end of February this year, the immigration bureau had issued a total of 2,203 golden residence permits, of which 2,088 were obtained through the purchase of real estate (not less than 500,000 euros). Chinese investors remain the largest group of investors in Portugal's Golden Residence Permit Program, with 1,777 golden residence permits issued to Chinese individuals, accounting for 80% of the total approved number.
【Portugal Property Investment Immigration】
