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Say Fosun or Anbang to most Europeans and they will probably shrug. But this could be about to change as the two acquisitive Chinese groups continue to snap up assets across Europe’s struggling financial services sector.
跟欧洲人说起复星(Fosun)或安邦(Anbang)，绝大多数人很可能都会耸耸肩表示没听说过。但是，随着这两家收购胃口大开的中国企业继续在欧洲苦苦挣扎的金融服务业抢购资产，这种情况可能即将改变。
The main battleground is in Portugal, where China has become the biggest source of foreign direct investment. By the end of June, Fosun International and Anbang Insurance are expected to submit the highest final bids for Novo Banco, the country’s third-biggest bank by assets.
如今的主战场在葡萄牙，中国已经成为该国境外直接投资的最大来源国。6月底，复星国际(Fosun International)和安邦保险(Anbang Insurance)预计将为收购Novo Banco银行提交最高的最终报价。Novo Banco是葡萄牙资产第三大银行。
A 4bn-plus acquisition of Novo Banco would represent more than 2 per cent of the country’s gross domestic product. It would almost certainly make Portugal the leading EU destination for Chinese investment this year.
超过40亿欧元的Novo Banco收购案，将相当于葡萄牙国内生产总值(GDP)的逾2%。几乎可以肯定，这会使葡萄牙成为今年中国在欧盟(EU)投资的第一大目的地。
Chinese groups have already invested almost 6bn in Portugal since the eurozone debt crisis erupted in 2011, or more than 10bn if an investment of 4.4bn in Petrogal Brasil, part of Portugal’s Galp Energia group, is included.
自2011年欧元区债务危机爆发以来，中国企业在葡萄牙的投资已经接近60亿欧元，如果再计入对Petrogal Brasil（为葡萄牙Galp Energia集团的一部分）投入的44亿欧元，则投资额超过100亿欧元。
Last year, Fosun paid 1.7bn for 80 per cent of Fidelidade, a Portuguese insurer. Fidelidade went on to buy ES Saúde, a private hospital operator that was previously owned by the Espírito Santo group. It also bought a 5 per cent stake in Redes Energéticas Nacionais, Portugal’s national grid operator.
去年，复星出资17亿欧元收购了葡萄牙保险公司Fidelidade 80%的股权。接着Fidelidade收购了私人医院运营商ES Saúde，后者之前归圣灵(Espírito Santo)集团所有。它还收购了葡萄牙国家电网(Redes Energéticas Nacionais) 5%的股权。
People familiar with the situation say that Fosun and Anbang are now locked in a two-way contest for Novo Banco, outbidding rival suitors including Spain’s Santander and US private equity groups Apollo Global Management and Cerberus. Novo Banco was created last year as the “good bank” formed out of the ashes of the failed Banco Espírito Santo, which was once the country’s biggest lender by assets, but which collapsed amid allegations of fraud.
知情人士称，复星和安邦如今陷入收购Novo Banco的相互竞赛，他们的出价高于其他竞购对手，包括西班牙桑坦德银行(Santander)、美国私人股本集团阿波罗全球管理(Apollo Global Management)、赛伯乐(Cerberus)。Novo Banco是去年在破产的必利胜银行(Banco Espírito Santo)的基础上成立的“好银行”，必利胜银行曾是葡萄牙资产最大的银行，但在欺诈指控中破产。
The lossmaking Novo Banco has been relieved of 7bn in toxic assets and has inherited a 40bn loan portfolio from BES — of which 70 per cent is corporate lending — considered one of its most attractive assets. Its deposits totalled 26.6bn in December.
亏损的Novo Banco已经被解除了70亿欧元的不良资产，并从必利胜银行承袭了400亿欧元的贷款组合——其中70%是企业贷款——这被认为是其最具吸引力的资产。去年12月，其存款总计266亿欧元。
An added attraction for the Chinese bidders is that the bank owns 9.7 per cent of Banco Econômico in Angola, an oil-rich country that is also attracting large amounts of Chinese investment.
对中国竞购者来说，Novo Banco的另一个吸引之处是，该银行拥有安哥拉Banco Econômico银行9.7%的股权。安哥拉是个石油资源丰富的国家，也吸引着大量的中国投资。
As part of its rescue, Novo Banco received 4.9bn in fresh capital from Portugal’s bank resolution fund, which was bolstered for that purpose with the help of a 4.4bn state loan. The fund is owned by all the country’s banks and is Novo Banco’s sole shareholder.
作为援救计划的一部分，Novo Banco得到了一笔来自葡萄牙银行处置基金的49亿欧元的新资本。为了救助Novo Banco，该基金借助一笔44亿欧元的国家贷款得到扩充。该基金归葡萄牙全部银行所有，是Novo Banco的单一股东。
Portuguese bankers seem torn. Some argue that the priority should be to sell Novo Banco to the highest bidder to recover as much of the 4.9bn as possible.
葡萄牙的银行人士似乎出现了分歧。一些人认为，当务之急应该是把Novo Banco出售给出价最高者，以尽可能收回那49亿欧元。
Any shortfall will have to be paid for by the other banks. This favours the Chinese bidders, which have already made indicative offers well ahead of rivals.
所有收不回的部分将不得不由其他银行承担。这有利于中国竞购者，中国企业的参考报价已经远远高于其他竞争对手。
Other Portuguese financiers say that the country’s banking system needs more consolidation. This could be achieved by selling Novo Banco to Santander Totta, the Spanish lender’s local subsidiary, to create the country’s dominant bank.
葡萄牙其他一些金融家称，该国银行系统需要更多的整合。这一点可以通过把Novo Banco出售给Santander Totta来实现，以此在葡萄牙打造一家占主导地位的银行。Santander Totta是西班牙桑坦德银行在葡萄牙的子银行。
Santander Totta is the only Portuguese lender to have made a profit in its domestic operations over the past two years. But creating an even more powerful Spanish bank could spark political opposition ahead of Portugal’s autumn general election.
Santander Totta是葡萄牙唯一一家过去两年在国内业务上实现了盈利的银行。但是，今年秋天葡萄牙即将迎来大选，在此之际打造一家比以往还要强大的西班牙银行，可能会引起国内的政治反对。
Another Lisbon banker said that the buyer of Novo Banco may seek protection clauses as part of the deal, to safeguard the bank’s assets from legal actions. Investors are attempting to recover their losses following the collapse of BES last summer.
另外一位里斯本的银行人士称，Novo Banco的收购方可能会在协议中寻求加入保护性条款，以此保护银行资产不受法律诉讼影响。投资者正试图弥补去年夏季必利胜银行破产后他们承受的损失。
