China's private conglomerate Fosun has made an offer to buy a 16.7 percent stake in Millennium Banco Comercial Portugues (BCP), Portugal's largest private bank, which it may increase to 30 percent, according to BCP.

In a statement released late on Saturday, Millennium BCP said the offer envisaged a subscription price of not more than $0.02 per share, according to Reuters. With its current market capitalization of $1.32 billion, the proposed deal could potentially be worth around $223.5 million.

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"Fosun is also considering increasing its stake through secondary market acquisitions or in the context of future capital increases of BCP, with an aim of potentially increasing Fosun's shareholding to 20-30 percent of BCP," the lender said.

The deal has not been finalized yet as BCP executive committee said it would study the proposal first before considering formal talks with Fosun, which already owns stakes in Portugal in the insurer Fidelidade and medical services group Luz Saude.

The proposal is also subject to a number of terms set by Fosun, such as clarification from authorities that it will not be called to contribute to the Portuguese bank resolution fund and the implementation and price adjustment of the reverse stock split process approved by BCP shareholders in April, Reuters reported.

Currently, Angolan state oil company Sonangol is the largest shareholder of BCP with 17.84 percent of its shares. BCP's share price was placed under pressure in June amid investor voicing concern about capital weakness. The bank posted a second-quarter loss of $272.55 million on Friday because of an increase in bad debts provisions, Channel News Asia reported. 

TagsFosun, BCP, Millennium BCP