Fidelidade buys €1.4M of BCP bonds

 In Banks, Business, Economy, News

The insurance company Fidelidade has purchased €1.4 million worth of BCP perpetual bonds.

The bank communicated the information to the market about Fidelidade’s acquisition of its perpetual long term bonds since its administrators Jorge Magalhães Correia and Lingjiang Xu are both directors at the insurer.
BCP’s main shareholder is the Chinese group Fosun which has 27.25% of its capital. In turn, Fosun holds the majority shareholding in Fidelidade (around 85%) with the remaining 15% owned by Caixa Geral de Depósitos.
On 30 April, Fidelidade purchased one million euros of Caixa Geral de Depósitos bonds.
Meanwhile, the insurer Tranquilidade made €34 million in operational profits in the first quarter of 2020 for Generali S.P.A.
The Italian insurance group which owns Tranquilidade, had an overall operational result of €1.4Bn to which the Portuguese subsidiary contributed.
The purchase of Tranquilidade, which used to belong to the Banco Espírito Santo group, was completed this year.
The gross volume of bonuses by the company as a whole stood at €19.2Bn (+0.3% on Q1 2019), with a positive boost in P&C insurance (+4.0%). In the Life segment, net funds stood at €3.1Bn which was a fall of over 25% on the same period last year.
According to a communiqué from the insurer, Generali’s operational result benefited towards the “positive contribution” from the Portuguese insurer which has the brands Tranquilidade, Açoreana, Logo and AdvanceCare).