Bank of China opens delegation in Portugal in March

14 January 2013

The Bank of China plans to open its first delegation in Portugal next March, said the chairwoman of the Socialist Party after a meeting in Beijing with the head of the Chinese state bank.

This will be the first delegation of a Chinese bank in Portugal, but “a number of contacts,” had been made between banks of both countries, Maria de Belém Roseira told Portuguese news agency Lusa.

Maria de Belém Roseira ended a six-day visit to China on Saturday, at the invitation of the Chinese Communist Party, accompanied by leaders of the Portuguese Socialist Party (PS) and ten businesspeople. This was the first mission of its kind since the two parties established political relations around 30 years ago.

In Beijing the chairwoman of PS also met with the president of the Development Bank of China, which recently provided a loan to Portuguese power group Energias de Portugal (EDP) worth 1 billion euros and which will provide a further billion euros at the beginning of 2014, as agreed when the company was privatised.

The Bank of China provided EDP with a loan of 800 million euros.

China Three Gorges paid around US$2.7 billion for 21.35 percent of EDP, thus becoming the Portuguese power company’s largest shareholder. Another large Chinese state company, China State Grid Corp, acquired 25 percent of Portuguese power grid company Redes Energéticas Nacionais (REN) for 287.15 million euros. (macauhub)