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CEFC China Purchases Controlling Stake in Montepio Seguros

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On November 27, 2017, the signing ceremony for subscription of shares of Montepio Seguros between CEFC China and Montepio Geral Associação Mutualista (MGAM) was held at CEFC China’s headquarters in Shanghai, which was attended by Ye Jianming, Chairman of the Board of Directors of CEFC China, and António Tomás Correia, Chairman of MGAM. Wu Hongbing, Vice President of CEFC China, and Fernando Dias Nogueira, CEO of Montepio Seguros, signed the agreement on behalf of the two sides.

According to the agreement, CEFC China will acquire a controlling stake in Montepio Seguros, an insurance company owned by MGAM, through capital increase, a deal which is yet to gain approval from MGAM’s shareholders’ meeting and Portuguese regulators. MGAM, a mutual savings organization established in 1840, is the first social insurance institution and comprehensive financial institution in Portugal, with banks scattered across Portugal through a network of more than 300 outlets as well as banking business in Portuguese-speaking countries. MGAM and its subsidiaries boast an extensive and diverse portfolio of products and services, covering bank-issued financial products, insurance services, pension funds, investment funds and real estate asset management services. MGAM also enjoys a very high reputation in the region as the only large financial institution in Portugal that has not been bailed out since the onset of the global financial crisis. CEFC China’s acquisition of the insurance company Montepio Seguros, which owns Lusitania Seguros, Lusitania Vida and N Seguros that specialize respectively in life insurance, property insurance and online insurance, will help further the company’s international energy and investment banking operations’ synergic integration with finance, thus significantly contributing to the international resource integration and asset appreciation.


Ye Jianming spoke highly of the brilliant achievements made by the century-old Montepio during its steady and healthy development, noting that CEFC China’s injection of capital will further expand its business and market presence in Portugal and Portuguese-speaking countries. At the same time, as Ye pointed out, the two sides can jointly develop Internet-based finance business, integrate resources in Macao and Hong Kong, facilitate financial connectivity between China and Portugal, achieve synergy between industry and finance, promote cooperation between Chinese and European markets in energy, infrastructure development, etc., and spur industrial upgrading and supply-side reforms in China. Chairman Tomás expressed confidence in the prospect of bilateral cooperation with CEFC China, and expected to continue to expand the cooperation in pursuit of mutual benefits and win-win results by combining respective strengths.

The meeting was attended by João Pedro Fins do Lago, Consul General of Consulate General of Portugal in Shanghai, Mário Quina, Delegate of AICEP in Shanghai, Fernando Dias Nogueira, CEO of Montepio Seguros and Former Chairman of ASF, and José Manuel Marques da Silva Lemos, Consultant for MGAM, as well as CEFC China officials including Jiang Mingsheng and Wang Shixiong, Vice Presidents of CEFC China, and Guo Lin, Chairman of CEFC Shanghai Securities.

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