CFO
02/12/2024 11:32
By Mathieu Rosemain and Julie Zhu
PARIS/HONG KONG, Dec 2 (Reuters) - Chinese conglomerate
Fosun International Ltd 0656.HK has hired Philippe Heim as
co-chief financial officer and as co-chief strategic empowerment
officer.
Heim stepped down last year from Banque Postale, the banking
subsidiary of France's postal company, three years after taking
over the role. He was also a former top executive at Societe
Generale, France's third-biggest listed bank.
Fosun confirmed the appointment in a statement to Reuters,
adding that Heim will be based in Hong Kong and started on Nov.
15. The company has several co-CFOs.
Heim played a key role in Banque Postale's 5.5 billion-euro
acquisition of insurer CNP Assurances, a bid to diversify the
businesses of the 18-year-old bank and expand internationally.
Fosun, known for once being one of China's most
acquisition-hungry conglomerates, has in recent years doubled
down on divesting non-core assets amid investor concerns about
its debt levels.
The property-to-healthcare conglomerate, which had some $30
billion in debt as of June (according to its interim report),
has been selling assets both at home and overseas.
Reuters reported earlier this year, citing sources, that
Fosun was exploring a sale of a minority stake in its luxury
resort chain Club Med as well as looking to sell all or part of
its luxury resort Atlantis in southern China.
It also said in January it planned to sell a 5.6% stake in
Portuguese lender Banco Comercial Portugues BCP.LS for 235
million euros ($255 million) to boost its working capital.
(Reporting by Mathieu Rosemain in Paris and Julie Zhu in Hong
Kong. Writing by Anousha Sakoui.
Editing by Louise Heavens)
((mathieu.rosemain@thomsonreuters.com))