Oriente Foundation sells bank for €20M

 In Banks, Foundations, News

The Oriente Foundation has reached an agreement with the Chinese financial institution Vcredit to sell 100% of Banco Português de Gestão (BPG) for more than €20 million.

At present, the two parties are awaiting authorisation from the European Central Bank (ECB) that will make a decision backed up by a report from the Bank of Portugal, although the terms of the contract were decided in May according to Jornal Económico.
The Chinese group has already paid a downpayment of €1 million that will be paid back if the deal falls through or discounted from the final price if it does.
Listed on the Hong Kong stock market, Vcredit Holdings Limited has agreed to buy 98.7% of the shares in the possession of the Fundação Oriente and subordinated debt (to the value of €3 million) and also to launch an offer to acquire 1.09% of the minority shares, including the Stanley Ho foundation.
The deal will be done based on the liquidity situation of BPG, which is led by João Costa Pinto, at the time when the transaction goes through. In May 2022 the bank’s own capital stood at €18.8 million.