Caixa-Geral mulls bigger shareholding in Fidelidade

Portugal’s State-owned bank, Caixa Geral de Depósitos is considering increasing its shareholding in one of Portugal’s largest insurers, Fidelidade.

The public bank sold the insurer to the Chinese conglomerate Fosun in 2014 for €1Bn but maintained a 15% share.

Now it wants to beef up that shareholding by as much as 30% in the run-up to an anticipated but not decided floatation of the insurer on the Lisbon stock market in 2027.

Although the State sold off the majority shareholding of Fidelidade, it still has a 25-year insurance distribution contract for 25 years and has two sleeping directors on the board.

The share buy-up occurs at the time that Fidelidade is pondering a stock market float at the start of next year with the insurer seeking a €3Bn valuation according to Bloomberg.

SOURCE: ECO
IMAGE: FIDELIDADE