Macau’s Seng Heng bank opens office in Lisbon

20 June 2006

Lisbon, Portugal, 20 June – The Seng Heng Bank, owned by Macau gaming magnate Stanley Ho’s, STDM, said it would widen its activities to Portugal with the opening this week of a representative office in the Portuguese capital, Lisbon.

The inauguration of the office will take place Wednesday in a ceremony attended by the head of the Macau government, Edmund Ho, who will be in Lisbon between June 21 and 24.

Recently, Stanley Ho announced he would open a bank in Angola focused on serving the Chinese population, businesspeople and companies operating in Angola, called Banco Angolano de Negócios e Comércio (BANC).

Geocapital, which manages the businesses of STDM in Portuguese-speaking African countries, will be the majority shareholder of the Angolan project.

Bought in 1989 by Sociedade de Turismo e Diversões de Macau (STDM), Seng Heng is currently the second largest locally incorporated bank in the Macau Special Administrative Region.

In 2004, the latest figures available, the bank posted profit of US$22.2 million, a 7 percent increase on the previous year, and increased its assets to US$2.54 billion.

The financial institution has recently widened its activities from retail banking to investment banking and electronic banking. (macauhub)