Shanghai-based conglomerate Fosun has agreed to sell its stake in a Belgian insurer to BNP Paribas.
Fosun has inked an agreement to sell its approximately 9 percent stake in Belgian insurer Ageas to BNP Paribas. According to a statement by the French lender, the deal, which will be executed through insurance subsidiary BNP Paribas Cardif, is valued at around 730 million euros ($778 million). BNP Paribas and Ageas have been long-time partners via a joint shareholding in AG Insurance with the former owning 25 percent and the latter owning 75 percent.
Fosun is a Shanghai-based conglomerate with investments in various sectors including finance, real estate, industrial, entertainment, F&B, fashion and more. Within finance, it is a major shareholder of Portugal’s Banco Comercial Português.
