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Fosun raises funds in HK for banking, insurance expansion

Fosun International – which in July alone offered to buy two European private banks – today proposed to raise HK$11.7 billion (US$1.5 billion) in a rights offer to fund their banking and insurance ventures. Chinese billionaire Guo Guangchang’s conglomerate has made waves for such deals in recent years. These include the proposed buys of private banks Hauck & Aufhaeuser Privatbankiers KGaA, based in Frankfurt, and the Belgium-listed, London-based Kleinwort…

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