Portuguese bank Millenium bcp signs agreement with Industrial and Commercial Bank of China

8 November 2010

Lisbon, Portugal, 8 Nov – Portugal’s Millenium bcp bank Sunday in Lisbon signed a memorandum of understanding with Industrial and Commercial Bank of China (ICBC) for preferential reciprocal use of networks in different business sectors and cooperation on various levels.

The agreement, signed during a visit by the president of the People’s Republic of China, Hu Jintao to Portugal, extends to other countries and regions such as the China/Macau triangle, Angola, Mozambique and Portugal.

Both banks, the memorandum specifies, “will give preference to using their reciprocal global networks in carrying out their respective business,” in several business sectors, including trade finance, treasury, international payments in euros and in yuan, syndicated loans and investment banking.

This new memorandum, signed following the bilateral agreement between the two banks in 2009, “is evidence of the reciprocal intention of increasing cooperation and coordination,” according to a statement issued in the Portuguese capital.

Portuguese newspaper Público reported that the two banks had been in negotiations for over a year in order for the Chinese bank to take a stake of up to 20 percent in the Portuguese bank.

The ICBC is China’s biggest bank by assets (1.2 trillion euros), with around 16,500 branches and a profit in 2009 of 13 billion euros.

Millenium bcp is Portugal’s largest private bank with assets of 98.9 billion euros, over 1800 branches in Portugal and in its international markets – including Mozambique and Angola – with profit of 225 million euros in 2009. (macauhub)