Chinese conglomerate Fosun International Ltd has increased its stake in Portuguese bank Millennium BCP to 25.16 percent from 23.93 percent, Reuters reports.

The news agency quotes Millennium BCP Chief Executive Nuno Amado as saying in a written statement issued by the bank: “This increase is in line with the strategic interest Fosun has previously communicated to the market and demonstrates confidence in the path being taken by Millennium BCP.”

Fosun International has expressed an intention to increase its stake to a maximum of 30 percent, Reuters says.