Profits at Macau’s BNU bank rise 50 pct in 2006

13 December 2006

Macau, China, 13 Dec – Macau’s Banco Nacional Ultramarino (BNUM), owned by Portugal’s Caixa Geral de Depósitos (CGD), will this year have 300 million patacas of profits, or 50 percent more than in 2005, the bank’s president said Tuesday.

Speaking to Portuguese news agency Lusa, Herculano de Sousa said that the results were due to a, “continued and strong focus on financing large projects in the tourism and gaming sectors and of attracting more retail business from those developments.”

Currently, BNUM is financing and providing banking guarantees, directly or with other companies in the CGD Group, totaling some US$500 million for the projects of four of the six gaming operators in Macau.

De Sousa said that the bank was also involved in Las Vegas Sands’ projects – which runs the world’s biggest casino in Macau and is building a hotel/casino with 3,000 rooms – owned by Wynn Resorts, which is the result of a partnership between MGM and Pansy Ho (daughter of gaming magnate Stanley Ho) and the Melco/PBL consortium, which involves, Laurence Ho, son of Stanley Ho.

At the end of 2005, BNUM, which issues currency in Macau along with the Bank of China, posted profit of US$202.4 million patacas, 152.8 percent more than in 2004. (macauhub)