Macau, China, 11 May – The Macau government Monday authorised Portuguese bank Millenium bcp to open a bank branch in the territory.
The authorisation allows Millenium bcp to carry out fully its banking operations in Macau rather than merely being an offshore bank.
“This authorisation brings an end to the offshore branch which has been converted into a branch with a full license to work with residents and also to carry out operations in local currency,” the director of the Macau branch, João Pãosinho told Portuguese news agency Lusa.
Noting that the license was “the same as for any other bank,” Pãosinho said however that Millenium bcp did not plan to be a retail bank in Macau, but rather would focus on business banking.
With the closure of Millenium bcp’s offshore branch in Macau, only BPI and Caixa Geral de Depósitos, of Portugal’s banks, now have exclusively offshore branches in Macau. (macauhub)