Chinese conglomerate Fosun has increased its stake in Portuguese lender Banco Comercial Portugues (BCP) to 23.92% as a result of the lender's €1.33bn rights issue.

"The Board is pleased to announce that, as at the date of this announcement, Chiado (Luxembourg) S.à r.l., an indirect wholly-owned subsidiary of the Company, holds approximately 23.92% of the share capital of BCP. The total consideration under the Rights Issue Subscription amounted to approximately EUR374million,” Fosun said in a statement.

Fosun acquired an initial stake of 16.7% in the Portuguese bank in last November for a total consideration of €174.6m.

At the same time, the conglomerate also unveiled plans to raise its stake in BCP to up to 30%. Fosun holds the stake in BCP through its subsidiary Chiado (Luxembourg).