Bank of China awaits authorisation from Bank of Portugal to open subsidiary

26 September 2012

The Bank of China is due soon to start operating in Portugal after it opens a subsidiary branch in central Lisbon, Portuguese news agency Lusa said.

“The Bank of China already has its management team in Portugal, which has met with the Bank of Portugal and even chosen a location for its first branch, which is expected to be located in central Lisbon,” said sources cited by Lusa adding that the Chinese bank has asked for authorisation from the regulator to start operating and is now waiting for the go-ahead from the Bank of Portugal.

“The Bank of China’s strategy for Portugal will initially be based on the market of Chinese immigrants in Portugal and small and medium-sized companies exporting to the Chinese market,” Lusa said.

The Bank of China is one of the four largest Chinese banks and already operates in a number of countries in Europe, including the United Kingdom, France, Italy, Germany, and Belgium. (macauhub)