Fundação Oriente signed an agreement with the Chinese company Vcredit, with the aim of selling 100% of Banco Português de Gestão, reports ECO on the 25th of August. For the deal, Chinese buyers will have to pay more than 20 million euros, however, variables can be added and the value can rise to 35 million.

At the moment, Fundação Oriente and the Chinese company Vcredit are still waiting for authorization from the European Central Bank (ECB), which in turn will decide based on the opinion of the Bank of Portugal.

The Chinese group interested in buying Banco Português de Gestão has already paid one million euros, which will be returned if the transaction does not go through. Alternatively, they will be deducted from the amount payable to Fundação Oriente, if the deal is successful.

(Source: Jornal de Negócios)