Portugal’s Millenium bcp bank to open Macau branch on Thursday

27 September 2010

Macau, China, 27 Sep – Portugal’s Millenium bcp bank will open this Thursday its branch in Macau, where it aims to become a “springboard between China and Africa”, stated the branch’s director, Jose Joao Paosinho.

The Millenium bcp branch has been authorised since last May and will replace the bank’s offshore agency in the territory, which was only allowed to work with the non-resident population.

The branch has eight employees, with plans to double the number in two years. The aim of the bank is to “grow as much as possible”, though 2010 “is going very well and profits should rise by about 20 percent,” Paosinha told Portuguese news agency Lusa on Friday in Macau.

With its offshore operation in Macau, Millenium bcp earned profits of 48.7 million patacas in 2009. Its accounted assets stood at 3.246 billion patacas, with an assets profit rate of 1.5 percent.

The chairman of the Millenium bcp board of directors, Carlos Santos Ferreira, will be in Macau for the branch’s opening, accompanied by directors from the bank’s branch in Mozambique and the Banco Privado do Atlantico in Angola.

“They’re coming to Macau to underscore this aim of being a platform connecting China and Africa,”, Paosinho said, adding that Millenium bcp had already signed cooperation agreements with the Business Assocaition of Guangzhou (capital of southern China’s Guangdong province, formerly known as Canton) and its Municipal Finance Office.

Despite the full licence, the branch will function as a business bank, a course set with a view to using Macau as a springboard between China and Africa.

The closing of BCP’s offshore branch in Macau means that only the Banco BPI and Portugal’s state financial group Caixa Geral de Depositos will maintain branches solely dedicated to such operations in Macau. (macauhub)