Fosun hires former Banque Postale CEO Heim as co-CFO

Reuters
02 Dec 2024
Fosun hires former Banque Postale CEO Heim as co-CFO

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))

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