Fosun sets foot in Portuguese insurance business

Fosun, one of China's largest private conglomerate, acquired the insurance industry of Caixa Geral de Depósitos (CGD ) for 1 billion EUR (1.3 billion USD) . The public banking group decided to put its insurance entity up for sale under a comprehensive plan of privatization organized by the State according to which CGD sold Fosun its insurance companies Fidelidade, Multicare and Cares which account for one third of the market premiums.

The offer made by the Chinese group was chosen at the expense of that of its American rival Apollo Investment. Fosun will support the growth plans of these insurers in Africa and Asia with China as a particular target.