Macau, China, 10 Oct – Portuguese bank, Banco Comercial Português (BCP) has requested a full license to open a subsidiary in China to explore “market niches” focusing on the cities of Beijing, Shanghai and Guangzhou the managing director of the Macau branch told Portuguese news agency Lusa.
“We made a request for a license to open and we are studying one of three locations,” said José João Pãosinho, noting that the bank, “is not considering” Hong Kong as it is “a mature market.”
In China, “the focus will be more on market niches and the needs of Chinese and private companies with businesses in Portuguese-speaking areas.”
In Macau Pãosinho said that, “it has been possible to offer competitive interest rates on deposits, to benefit loan operations with interesting spreads and, also, to expand operations with some companies in China, particularly in Guangdong province, which have trade relations with Portuguese-speaking African countries,” he explained.
The development of the subsidiary “is based on what the bank calls the China-Europe-Africa triangle,” and which became a “rhombus” once the bank added its aims for Brazil, where it made a request for a license in partnership with Angola’s Banco Privado Atlântico.
As part of its activities in the far east, “an agreement is underway with the China Development Bank, which will make it possible for to provide the BCP subsidiary in Mozambique with a significant credit line to support the Mozambican economy with our subsidiary as an intermediary,” said Pãosinho.
In Macau, BCP continues to develop the agreements established with the Industrial Commercial Bank of China (ICBC) in terms of remittances from Chinese emigrants both in Portugal and in Africa, as well as “trade finance operations and to launch the bases of what the subsidiary will be in the future,” he said. (macauhub)