Chinese conglomerate Fosun has acquired a 16.7% stake in Portuguese bank Banco Comercial Portugues (BCP) for total consideration of €174.6m ($185.5m).

The deal, which has received approval from Portugal's Securities and Exchange Commission (CMVM), will make the Chinese group the biggest shareholder in the Portuguese lender.

Fosun said it aims to raise its stake in BCP by 30% in the near future.

"The transaction is expected to extend the group's international network and help the group enter the Poland, Mozambique, Angola and Switzerland financial markets rapidly," Fosun said in a statement.

Fosun entered the deal through its wholly-owned subsidiary Chiado (Luxembourg). Under the agreement, the Chinese group will nominate two directors to the board of directors of BCP.

Last year the company made a bid for the state-rescued Novo Banco, the good bank created out of Banco Espirito Santo (BES).         

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By GlobalData