Immigrate to Portugal and stay informed on Portuguese economic news: According to reports from Portuguese media on the 9th, the country's Council of Ministers discussed and decided that day to award the privatization project of the insurance business under Caixa Geral de Depósitos to the Chinese private enterprise Fosun International. This is another major project won by a Chinese enterprise in Portugal, following the successful bids by China Three Gorges Corporation and State Grid Corporation of China for the privatization projects of EDP and REN in late 2011 and early 2012, respectively.
Fosun Group's parent company, Fosun International, defeated its competitor, the U.S.-based Apollo Global Management, to acquire 80% of the insurance assets of Caixa Geral de Depósitos for 1 billion euros. The bank's insurance business is the market leader in Portugal, holding a 30% market share.
