Fosun tests business model in Mozambique, other Portuguese-speaking countries

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Fosun tests business model in Mozambique, other Portuguese-speaking countries

5:31 CAT | 11 Jul 2017

Macauhub / Guo Guangchang, Founder and Chairman of the Fosun Group

The Fosun group has announced that it will use Portuguese-speaking countries to test a business model combining healthcare and financial services following acquisitions in Portugal, the group’s founder and chairman told Hong Kong newspaper South China Morning Post (SCMP).

The group’s acquisitions in Portugal began in 2014 with the purchase of Fidelidade, the largest insurance company in the country, for 1.04 billion euros, followed in the same year by the purchase of healthcare company Espírito Santo Saúde, and culminated in an investment of 174.6 million euros in November 2016 in the purchase of a stake in private bank Banco Comercial Português (BCP).

“The first purchase was mere chance, and Fidelidade was identified by the potential investment search department,” Guo Guangchang told the SCMP, adding that from that moment “we decided to outline a strategy to verticalize operations in Portugal.”

Guo said that controlling an insurance company, a bank and a hospital allows the group to create what it has called an, “interrelated business ecosystem that creates mutual synergies.”

“Fidelidade policyholders can receive medical care at Santo Saúde (now Luz Saúde), while BCP can provide financing services so these business units can send clients to each other and grow in a joint way,” the group’s chairman told the SCMP.

The Fosun Group now intends to replicate the business model created in Portugal in Portuguese-speaking countries, including Brazil, Mozambique and Angola in Africa, Timor Leste (East Timor) in Asia, as well as Macau at the gateway to mainland China.

Source: Macauhub