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Sonangol Eyes Larger Stake in Portugal's Biggest Lender
21 Oct
Summary
- Angolan oil firm Sonangol EP considers increasing its stake.
- Sonangol would buy more if China's Fosun sells its shares.
- The company sees Portugal's largest publicly traded lender favorably.
Angola's state-owned oil company, Sonangol EP, has expressed openness to increasing its investment in Portugal's foremost publicly traded bank. The company's chairman, Sebastião Gaspar Martins, highlighted this potential expansion.
Sonangol's interest is particularly keen on the possibility of acquiring more shares should the Chinese conglomerate Fosun International Ltd. choose to sell its stake. This strategic move indicates Sonangol's continued positive assessment of the Portuguese lender's prospects. The company views the financial institution as a valuable asset for future investment.
This potential acquisition signals Sonangol's diversifying interests beyond the oil sector and its strategic focus on key European financial markets. The company's willingness to increase its holdings underscores its confidence in the stability and growth potential of the Portuguese banking sector.
