Millennium BCP's shareholders voted Dec. 19 to increase the cap on voting rights to 30%, fulfilling a condition set by Fosun Industrial Holdings Ltd. when it agreed to acquire a 16.67% stake in the Portuguese lender, Reuters reported the same day.

The proposal was approved by 99.7% of shareholders at the general meeting, the news source cited a spokeswoman as saying.

Fosun Industrial Holdings signed a memorandum of understanding Nov. 18 to acquire the stake in Millennium BCP through Chiado (Luxembourg) Sàrl for €174.6 million. The Fosun International Ltd. unit confirmed its intention to increase its holding in BCP to approximately 30% of the lender's share capital, through transactions that will include but not be limited to capital increases.