Macau, China, 1 Feb – Profit at Macau’s Banco Nacional Ultramarino (BNUM), owned by Portugal’s Caixa Geral de Depósitos (CGD), rose 25 percent in 2007 to 380 million patacas (US$47.5 million), the chairman of the bank’s executive commission said in Macau Thursday.
According to Herculano de Sousa, speaking to Portuguese news agency Lusa, growth of the bank’s profits, which between 2003 and 2007 rose by around 400 percent, was due to maintaining the policy of financing large projects in the tourism sector, in which the BNU has a dominant position, and continued expansion of retail business with individual customers.
The BNU is involved in credit operations, either directly or as part of a syndicate, for the projects of four of the six casino operators in Macau, such as Las Vegas Sands, which operates to of the world’s largest casinos in Macau, Wynn Resorts, MGM Grand Macau of the partnership between MGM and Pansy Ho (daughter of casino magnate Stanley Ho) and the Melco/PBL consortium that involves Lawrence Ho, the son of Stanley Ho.
With 14 branches and 400 staff in Macau, the BNU is jointly responsible, with the Bank of China for issuing currency. (macauhub)